Many advisers are being forced to take second jobs to make ends meet amid the current market downturn, high-profile IFA Martin Bamford claims.
Bamford, the Informed Choice joint managing director, says today’s economic turmoil is having a harsher impact on the adviser profession than many observers realise, with as many as half of the UK’s IFA firms in difficulty. He says advisers focusing solely on the protection or mortgage areas are being “massacred”. “I have spoken to a lot of advisers lately and I think the reality is worse than many people believe,” Bamford says. “I heard some have even had to take a second job, that’s how bad it is out there.” Bamford also feels November’s RDR recommendations will be a “double whammy” f...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes