Mickey Morrissey: A profitable alternative to dropping 'unprofitable' clients 

With regulatory costs on the rise, many financial advisers are feeling the strain and so, in an attempt to remain profitable, are making radical changes to their businesses. According to data published in PIMFA's most recent Cost of regulation report, financial advice firms as a whole spent an estimated £470m on regulation in 2015 - up from £460m two years earlier. Faced with higher costs as they grapple with regulation, one obvious temptation for advisory firms is to take a hard and fast look at their client books and speedily dismiss those who do not meet minimum requirements. The b...