The abandoned orphans: 60,000 consumers priced out of advice this year

The survey, which questioned 250 financial advisers in October, found that 47% of respondents turned away an estimated 60,000 clients during their segmentation process, on the basis that they thought their charges would be too high. The findings, which were higher than APFA had expected, could be explained by the increased transparency and focus on cost brought about by the Retail Distribution Review (RDR), suggested APFA director general Chris Hannant (pictured). He also suggested that increased regulatory cost has helped making advice "less viable for some". Hannant warned that t...