It has long been argued that one of the effects of RDR will be to leave middle England unable to afford financial advice. However, Towry chief executive Andrew Fisher has argued that actually there is a 'clear solution' to the problem.
Fisher was speaking at yesterday's Marketforce conference the Future of Life and Long Term Savings.
It is widely argued that the switch from commission to fees will push up the perceived cost of financial advice leaving those with less money unable or unwilling to pay for it.
This was the concern expressed by Brigid Benson director of advisory group, The GAEIA Partnership, a panel member at the event.
She said: "One of my big worries is that so many people will be excluded from the industry. I just don't see a roadmap for the provision of mass market advice."
Fisher, who was speaking on the same panel, argued that actually there was a clear solution to the problem and that was to offer the provision of a financial MOT type model.
Fisher said: "Typically the type of business that could service this sector of the population would be one with two or three financial advisers each with 600 clients or so.
"The advisers would see their clients once every three years and charge a fixed fee of say £300.
"The client would be asked questions about their financial standing as well as their assets and liabilities. The adviser would effectively conduct a financial MOT. The service would have nothing to do with the selling of products.
"This sort of model would see each adviser earn about £45k a year. This is a perfectly acceptable salary and similar to that of a country solicitor.
"Although it is not Towry's market - we require a minimum of £100k investment from our clients - the model is definitely viable, we have looked into the economics of it.
"In my view this sort of model will emerge naturally and I am surprised that it has not already done so," he added.
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards