Why competition in the advice arena is a good thing

Driving innovation in the market will take time

clock • 6 min read

Brendan Llewellyn assesses competition in the financial advice space and says from a sector point of view, low competition is quite a concern.

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...

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