Advisory firms' focus on higher net worth clientele following the Retail Distribution Review (RDR) will leave more room in the mass market for companies such as Towergate Financial, its chief executive said.
Warren Page said: "The fact is, the high net worth market will be very crowded and there won't be enough advisers catering for the mass affluent. "We have had to work out which market we are playing in, and it is this one. At least 80% of our business will be from the mass affluent market." Page said Towergate is in a position to cater for different market segments after splitting its 100-adviser-strong business into a three tier offering. At the lower-end, a Nottingham-based team will offer a telephone service providing basic transactions and simplified advice. The company is...
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