General practitioners (GPs) are in danger of being "forgotten" by providers changing their propositions to cater for a perceived increase in wealth managers with high-net-worth clients post-RDR, a study concludes.
According to the latest Defaqto Insight Report, the overwhelming majority of UK advisers consider themselves GPs, with only 3% saying they are ‘wealth managers', down from 7% three years ago. Critics of the RDR's adviser charging proposals say they risk restricting access to independent advice to the wealthy. They argue advisers, in turn, will then be forced to re-shape their propositions to provide for a wealthier, fee-paying client base. Defaqto, which surveyed 500 IFAs and defines a wealth manager as [operating on] ‘fee-based or fund-based commission with a small but high-value and...
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