To encourage consumer engagement in financial advice, the financial services sector needs to stop using 'versus' terms to compare already complex parts of the market, TPAS's Michelle Cracknell has said.
Speaking on a panel at the Personal Investment Management & Financial Advice Association (PIMFA) summit about the challenges to financial advice, the Pensions Advisory Service (TPAS) chief executive said: "The one area, as an industry, I would love to see us change is to stop talking in ‘Versus'. "All the time we talk about ‘active v passive', ‘guidance v advice', ‘IFA v restricted adviser' - that is what the consumer hears and they think, 'Whoa I give up'," she said. With more than 50 pension products on the market, Cracknell said this would be one avenue towards simplifying the fina...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
