Keith Richards's worst-case scenario for financial advice would be for a number of firms to become "overly commercial" in areas such as defined benefit transfers and so lead consumers towards poor outcomes and potentially the advice profession into disrepute.
The Personal Finance Society (PFS) chief executive is the first guest to appear in Professional Adviser's new 'Adviser Champions' series of video interviews, where figures from across the financial services sector offer their thoughts on the standing, health and future of advice.
Richards goes on to say that advisers should not be shy of the commercial opportunities changes such as pension freedoms present - but he stresses that doing the right thing by clients has to be advisers' overriding concern.
Asked what he believes advisers are doing well as a profession, Richards argues that - in the wake of the Retail Distribuition Review - they are doing an effective job of promoting the value of the service they offer, rather than the product outcome.
"We really have seen that confidence grow in advisers becoming true financial planners - helping people throughout the journey of life to deliver better financial outcomes and I think we will continue to see that," he adds. "I commend advisers who really have taken to a new world of professionalism, transparency and fees."
You can find out more of Richards's thoughts - including which character from history or fiction he would pick as an ‘Adviser Champion' and what he would do if he was head of the FCA for a day - by clicking on the video at the top of the page.
Adviser ChampionsThe Adviser Champions series of video interviews offers insight into how figures from inside and around the world of financial advice see such issues as recruiting new talent to the sector, the impact of regulation, the dangers of jargon and the challenges and opportunities posed by robo-advice.
Retired in 2014
Dividend tax hike also stayed
Advisers lacking knowledge
Five short video interviews with RLAM’s head of multi-asset
One of two new members