At the summit, Clerical Medical managing director John Van Der Wielen warned advisers that if they do not manage their clients properly, it is easier than ever for them to switch to a different adviser. He said: “All a customer needs to do is to get a change of authority. It is easy to change the name of the adviser and that to me is a risk for advisers. It is much easier than transferring their assets to another platform.”
Fidelity executive director of IFA channel Peter Hick said: “A move of adviser is largely triggered by whether the adviser has done their retirement planning for them. In the US, clients are likely to change adviser in the run-up to retirement.
“Five years ago, there was a suspicion that wraps would lead to disintermediation but that was a short-sighted view which has changed now. Wrap helps to engage the client and enhance the relationship between adviser sand client.”