Pushing products: Why banks and financial advice do not mix

Putting a square peg in a round hole

clock • 3 min read

Bank advice is back and Tim Sargisson isn't best pleased. Targets and the 'bonus culture' have no place in financial planning, he writes

Few were surprised when Santander announced it was returning to the advice market and many expect that its rivals will soon follow suit. In the eyes of the banks, the advice market is a natural extension of their business as they look to increase profit margins off the back of a sizeable customer base. But despite their size, brand recognition and financial clout, the banks' provision in this area simply does not compare to the value a financial adviser can offer clients.   Priorities Once you throw banks into the equation, there is a distinct lack of alignment between the int...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA360: Clients' lack of understanding of advice value is 'concerning'

PA360: Clients' lack of understanding of advice value is 'concerning'

‘Anyone running a business needs to offer value to their clients’

Sahar Nazir
clock 25 April 2024 • 1 min read
PA360: Advice firms 'brush over' data integrity fundamentals

PA360: Advice firms 'brush over' data integrity fundamentals

‘Your business and your people are under attack constantly’

Isabel Baxter
clock 25 April 2024 • 1 min read
PA360: The need for a financial plan 'has never been higher'

PA360: The need for a financial plan 'has never been higher'

‘It needs to be done in a different and innovative way’

Isabel Baxter
clock 25 April 2024 • 2 min read