Why competition in the advice arena is a good thing

Of all the various things advisers are concerned about, competition looms small. In fact, I've never seen or carried out any research which places competition as a problem. The latest study we carried out at Adviser Home with Alpha FMC shows that just 8% of advisers see competition as a major challenge - and only 3% see client retention as an issue. Of no concern compared to the usual suspects - regulation, operational cost, tech development etc. The Financial Conduct Authority (FCA) have to be interested in this. Part of their remit is to engender competition. From their mission doc...