Openwork: mid-market IFAs to disappear in three years' time

Proposition and marketing director Philip Martin has said that mid-market IFAs will find it increasingly difficult to compete with larger regulated firms on price and regulatory compliance. He predicted that as soon as 2016 adviser numbers of IFAs will form the clear minority on the market due to costly new regulatory rules and the fact that larger restricted firms will find it easier to strike the cheapest deals for their customers. IFAs, he said, will retreat to the top end wealth management market where they will thrive. "The direction of travel of the industry is definitely tow...