Old Mutual Wealth chief distribution officer Richard Freeman is part of a group of experts calling for a 'foundation tier' of advice, which should be paid for by providers. In an interview with Professional Adviser he explains why commission needs to come back and why the regulator must ramp up its efforts to promote advice
Freeman, a self-professed champion of face-to-face advice, believes the industry must ready itself for a new form of entry-level advice, designed to serve people in the early days of accumulation. The so-called foundation tier of advice would allow pre-qualified advisers to get involved in the advice process and be paid for by providers, in a way akin to the former commission model. Freeman is part of an expert panel set up to oversee the Treasury and Financial Conduct Authority's (FCA) joint Financial Advice Market Review (FAMR), which also includes Keyte Chartered Financial Planners...
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