The recent wave of consolidation has not been beneficial to the financial planning profession, said members of a roundtable discussion on the advisory market.
Hosted by discretionary fund manager, Albemarle Street Partners, the roundtable event featured a number of financial advice business owners. "The consolidators only care about what your AUM [assets under management] are and your annual management charge," said Ray Tuffield, founder and managing partner at Courtney Havers. Instead, he added, advice business owners should prioritise selling to their staff, rather than consolidators, but finding young, talented IFAs to carry on the business, rather than selling to consolidators, is a key challenge in the current climate, many members on the...
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