Regulations need to be pitched at the right level to incentivise financial advisers to work with DB transfer clients because, says Kim North, if advisers won't give transfer advice, who will?
With the current need for anyone with more than £30,000 in their defined benefit (DB) scheme to receive regulated advice from a financial adviser, the opportunities for advisers are phenomenal - particularly when you consider private sector scheme assets are at about £1.5 trillion and the local government scheme £233bn. So while many financial advisers I speak to are not offering DB transfer services as a consequence of the compliance risk and expensive of PI insurance, for those advisers who have squared the circle on both these issues the transfer market offers potential. More progr...
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