Over the last few weeks we have carried out research amongst advisers and providers – including workshops last week with advisers, providers, the FCA and HM Treasury- thanks to all the many who took part.
The results were fascinating and we will be sharing details of some key findings over the next weeks.
Man vs Machine – one of the big themes, if face to face to face advice is expensive to deliver what potential for the recently famed Robo- Advice, or could it be Robo-Guidance? Is the time right to make your practice part of the Digital Evolution?
There is some feeling in the market that this is all too quick on the tails of RDR, but then the current advisory regime practically excludes the majority of the population. So, how to narrow the advice gap?
The way we see it, there are two things to consider.
- Firstly, how to communicate with the regulator? On this point, the FCA and HM Treasury is asking for your input on their ideas and questions here>>
You can send your responses to the FCA using the form on the FCA website or in writing to [email protected]
It’s a sizable document to consider but the deadline is not until 22 December 2015. We suggest you make your voice heard.
- Secondly, how to address this in your own business?
- Do you have clients more suitable to remote or online service?
- Do they need guidance or advice, or both?
- Might there be an opportunity for you to offer to build such a service, and offer to a wider consumer base?
- If cost management for f2f advice is the issue, what scope for a tighter approach?
- Could you build your practice, with fully qualified advisers, or a para planning based expansion?
At Adviser Home we plan to continue our consultation on this fundamental issue, and ensure we act as an important partner in the development of your business.