Pat O'Hara is not on board with the restricted model
Hargreaves Lansdown is to drop the independent status of its financial advisers in favour of going restricted, and is overhauling its charging structure.
A total of 70% of advisers believe using a single platform will not jeopardize their independent status but a quarter still need to be convinced, according to Defaqto's annual review of the UK platform and wrap market.
Investors are more concerned about an adviser's independence than their qualifications, a study of consumer attitudes to treating customers fairly (TCF) suggests.
Consumers do not consider the issue of an adviser's ‘independence' key to their decision to seek financial guidance from them, research suggests.
Three quarters of consumers expect an 'independent' adviser to search the whole of the market for a product that meets their needs, AIFA says.
David Barral, Norwich Union's distribution director, says advisers in firms which are partly or wholly owned by providers should not be called 'independent' in a post RDR world.
After a long period of speculation the waiting is finally over. We now know what proposed solutions the industry has come up with to fix the broken retail financial services model identified by the FSA.
In response to Martin's Bamford's blog - The public is very confused - Adrian Kidd from Mintzone, London, says: