The RDR and fresh capital requirements are proof of today's culture of over-regulation, or so some say. Yet Peter Lawrence, an IT expert of 30 years, is diving head-first into the industry by launching an IFA...
While many are contemplating their futures as a result of increasing costs and extra regulatory scrutiny, Lawrence, from Fleet in Hampshire, is bucking the trend.
He established Prime Time Financial, a trading arm of Keystone Financial, in December last year and will be offering financial advice on investment, pensions and insurance for individuals approaching retirement.
After a short time in the industry, he says the FSA is "going in the right direction" and that the RDR is "in principle a positive step forward".
A natural businessman, Lawrence did contemplate joining a firm of advisers as an employee but says he could not find one with ideas on advice provision that challenged his own.
"IFAs are generally fairly old fashioned people who have been advising clients in the same way for years and have a certain level of reluctance to fully adopt what the RDR is advocating," he says.
Apart from that, he says setting up Prime Time means he can define the brand, the marketing strategy and dictate his own approach to handling clients.
He is interested in providing a service that sees financial goals tie up with life goals and plans in a George Kinder-type approach. In fact, Lawrence says he may sign up for one of the US guru's courses in the future.
Lawrence took the bold leap from IT into financial services in 2007 after selling his last software business.
Wanting to challenge himself and dabbling in investments with his own money, he joined a mortgage brokerage in Farnham as a first step into the industry.
There he completed his CF1, CF6 and Cert PFS, which allowed him to practice as an independent adviser under current guidance.
He is now embarking on the road to QCF Level 4 and has already reached his first stumbling block, having failed one out of two exams.
Professional Adviser and sister title www.ifaonline.co.uk will be following Peter Lawrence over the coming months as he familiarises himself with the industry, his new clients and the FSA. He will be writing a monthly blog. Read his first HERE.
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