A sense of being “under siege” from the regulator and a dissatisfaction with current structures led to almost one third of advisers moving new flows to other platforms during 2019, the lang cat revealed.
The advisory consultancy's State of the Adviser Nation (SOTAN) report, launched today (26 February), stated 13% of advisers switched platforms and nearly a third (31%) directed new flows to other platforms in 2019. The lang cat consulting director Steve Nelson said he was surprised at the level of redirecting flow and that regulatory changes were the main driver behind this. "I think it's a combination of underlying dissatisfaction, but the bigger aspect is the regulatory event of PROD (Product Intervention and Product Governance Sourcebook), Markets in Financial Instruments Directi...
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