Advice standards must match consumer needs, says SOFA

Standards in financial advice ought to rise but consumers also need a mixture of standards to access, rather than a huge increase in financial planners, says SOFA. While consumers would benefit from a higher level of financial advice, it would not be necessary for advisers to go through CFP-specific training because so many intermediaries already adopt methods used by financial planner, says Nick Bamford, chairman of the Society of Financial Advisers (SOFA), in response to proposals laid out by the AITC to create 10,000 financial planners in 10 years. "It is interesting to look at t...