We've had yet more comments from IFAs, planners and advisers following the AITC's thoughts on dealin...
We've had yet more comments from IFAs, planners and advisers following the AITC's thoughts on dealing with adviser training and standards.
Their main suggestion is the AITC would like to see a growth of 10,000 financial planners within the next five years
If you have any thoughts you would like to add or share, click thru the right-hand link and email the editor, Julie Henderson.
Latest comments are include thoughts from an IFA:
In response to your "article" that the AITC wants more FP rather than FA, I am sick and tired of reading this sort of thing.
Firstly, it would mean less choice for the public as FPs would be fee-based.
Secondly, someone is living in a dreamworld if they think that they are going to be able to increase the numbers of FP to the extent suggested, especially in today's climate and beyond.
Thirdly, I get the impression that this sounds more like promotion of IFP and self interest rather than what may be beneficial to the ordinary public.
Fourthly, if we take the argument to its logical conclusion, all financial advisers should be certified financial planners. The only part of that premise I agree with is the word "certified" which is what the idea should become, I am alluding to the idea not the people.
You will always have people of differing abilities, but that does not necessarily make them incapable of giving good and effective service to the public. If people want advisers with higher qualification, then they can seek them out and pay accordingly.
But if you have a situation where everyone is qualified to this level, there will be no-one to see the "ordinary" potential client unless they can assume a certain level of fee income to begin with. The ordinary person is not likely to be able to pay fees, so does that mean they will go without advice?
The answer is yes, if things go on like this and we all know where they will end up, will the bank and building societies who - in the past - have contributed so much damage.
David Barnett, of DPB Independent Financial Services
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