Adviser impartiality beats qualifications - consumers

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Investors are more concerned about an adviser's independence than their qualifications, a study of consumer attitudes to treating customers fairly (TCF) suggests.

The report by JPMorgan Asset Management (JPMAM) found only one in ten respondents was concerned by an adviser’s lack of knowledge or expertise, with just 19% saying evidence of professional qualifications would encourage them to seek advice more. In stark contrast, 69% cited concerns that product recommendations might be motivated by an adviser’s relationship with a product provider. The findings are at odds with a key part of the FSA’s Retail Distribution Review (RDR), which is expected to include a benchmark qualification level for all UK financial advisers. “With regard to professiona...

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