Advisers warned not to get hung-up on RDR outcome

Brett Davidson, chief executive of FP Advance, says IFAs will have to shift from a solely commission-based model to include fees to create sale value. Speaking today at a Scottish Widows RDR roadshow, he says charging fees for advice would help advisers plan their business better as they could predict their monthly income and build a renewable income stream someone will want to buy into in the future. He calls the financial advice sector a “great way to get rich slow”. He says: “Advisers have been brainwashed by history. Advisers have been told ‘you’ve only got value when you’re selling...