The financial industry needs "clear signals" on how to prepare for the Chancellor's 'right to advice' promise or face struggling under a sudden influx of retirement advice clients, Association of Professional Financial Advisers (APFA) director general Chris Hannant has said.
Speaking at a Treasury select committee (TSC) hearing on last month's Budget, Hannant (pictured) said: "If everybody who is retiring next year were to seek financial advice then there would be a problem with capacity." He explained to Conservative MP Brooks Newmark "there would need to be a clear signal early on what is expected from the industry to prepare." But he added there was scope in the industry to deliver advice "more cost effectively", for instance by using more junior staff to carry out the process overseen by advisers, or by developing more technology-based advice methods....
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