Restricted or die? An analysis of the post-RDR advice market

Once again the question of independence arises, though this time it is less of a polarised debate. Where initially we had clear black and white distinctions – tied meaning you are an agent of the manufacturer; independent meaning you are an agent of the client – now, both restricted and independent advisers are agents of the client – at least in principle. And restricted is not, after all, particularly restricted. It might not be the happiest of notions but, on the other hand, the independent label seems to have lost some of its lustre as advisers choose other sources of differentiation ...