RDR: Splitting advice 'will boost mass-market appeal'

Speaking at the FSA’s Retail Distribution Conference, Otto Thoresen, chair of the Consumer Access Group, says splitting advice types into 'Primary' and 'Focused' would help people with little or no savings, as well as those who are unprotected, to access financial services. According to Thoresen, introducing a primary advice model could potentially increase the customer base of financial advisers and is similar to other attempts to engage the mass-market in financial planning, such as Personal Accounts. By providing a much cheaper and simpler system of ‘best-fit’ primary advice, where con...