Do You Trust Financial Advisers?

FUTURE PROOF: As financial advisers are forced to put prices up or dump clients to meet costs, we examine what has to change for modern investors' needs to be met

Emma Wall 22 May, 2014 | 10:39
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Financial advisers have been sacking clients – as they are no longer cost effective to serve. Over the last year, advisers sacked an average of one in six clients, as their investment portfolios of less than £50,000 just did not make business sense to run.

A recent survey by asset manager Schroders calculated similar figures – estimating that 60,000 clients have been dumped by financial advisers since the Retail Distribution Review was rolled out at the beginning of 2013.

Mark Polson of the Lang Cat said that regulation such as RDR far from making life cheaper and easier has made life more expensive for advisers and in order to “recapture the glory days, people have put their prices up”.

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Emma Wall  Emma Wall is Editor for Morningstar.co.uk

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