Barclays: Industry too successful giving away 'free' advice

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Historical success convincing consumers that advice is free could push many advisers out of the industry post-RDR, according to a Barclays director.

Speaking at a Marketforce conference in London on Wednesday, the bank's director of investments, Ian Ackerley, said some advisers would leave the industry because of their "lack of confidence" in being able to charge for advice. "In a sense, we've been far too successful over the years explaining to customers that they don't need to pay for advice," he said. "Now we face the challenge of persuading them to pay and I think that's going to be a difficult challenge." He admitted the lack of confidence in having a model where it could charge enough had led to the bank's decision to end...

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