IFA: Less than 10% of people need advice

Carmen Reichman
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Less than a tenth of the population has complex enough needs to warrant the fees they would pay for advice, and would be better served by guidance, an IFA has said.

Prydis director James Priday said guidance - of some kind, not necessarily the guidance guarantee - is sufficient to direct the majority of people to the solutions they need without the hefty fees. But the regulator needs to remove the red tape around it for advisers who want to offer the service to their clients, he said. Prydis offers financial advice, tax planning and legal services under one roof. The group largely serves high net worth individuals with £200,000 plus investable assets. It also has direct to consumer platform Strawberry Invest for those with "simpler affairs". ...

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