Advisers whose business relies on charging clients for managing their money are using a broken model, according to Capital Asset Management CEO Alan Smith.
Speaking at alternative financial planning conference, BACK2Y, in Birmingham this month, Smith (pictured) branded investment management a "commodity" that is being replaced by the financial technology - or fintech - industry. "The advisory models I've seen traditionally focus on money," the advocate of lifestyle financial planning told delegates. "Near my office [in Old Street, east London] is Tech City, also known as Silicon Roundabout. It is the UK global leader in fintech, now worth £20bn, which must be more than the combined value of all the IFA businesses in the UK. "What they...
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