Guidance mistaken for advice devalues the real thing, experts warn

Carmen Reichman
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The potential for savers taking free financial guidance to mistake it for advice is real and threatens everything advisers "have worked hard for", a financial planner argued in a panel debate on the government's Pension Wise service.

Anna Sofat, founder of Addidi Wealth, said advisers' 'expert' status could be undermined by a free government service available since 6 April this year to everyone aged 55 and over. Sofat was speaking during a debate session at the Morningstar Investment Conference in London on 12 May, where she was joined by fellow adviser Justin King and Threesixty Services managing director Phil Young. The panel, chaired by Institute of Financial Planning (IFP) CEO Steve Gazzard, warned consumers may not understand the meaning of 'free guidance' and could mistake it for advice. They suggested th...

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