Barry Kayes, chairman of the Tenet Group told said his company's annual conference today that "chaos...
Barry Kayes, chairman of the Tenet Group told said his company's annual conference today that "chaos reigns" in the industry, but that this it is up to IFAs to grab the moment and decide whether there is "opportunity or benefit" to be gained.
"We are fighting in a difficult arena, but there is a better chance of survival if we work together," he says, quoting a line from the film Gladiator - which has provided the theme and stage décor to today's proceedings.
However, despite the struggle with new proposed regulatory regimes, Kayes says that there has never been a time when advice was more needed, referring in particular to the £27 savings gap.
"The consumer needs our skills to deal with the repercussions of the demographic time bomb," he says.
The trick for IFAs now, he adds, is to find a way out of the paper chase, which has managed to undercut the efficiency of many businesses by 50% in the past year just in terms of the time used for that purpose instead of engaging in face-to-face meetings drumming up continued and new business with clients.
One example of how the situation could be alleviated for the man or woman in the field was for companies such as Tenet and industry bodies to review the thousands of words put out by the regulator and summarise the important points that IFAs really needed to know.
For example, the N2 process involved a significant number of consultation papers that resulted in 250,000 instructions words, yet the impact was relatively "painless" because of the way groups and association were able to condense the important bits into less time-consuming documents.
"We are all swamped by this bloody paper chase! We need to get some payback for the time being put in at the moment."
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