IFA to restricted adviser

Bostonerimus1

https://forums.moneysavingexpert.com/discussion/comment/82044619#Comment_82044619

The changes in pensions that largely saw the move from DB to DC pensions should have been coupled with a big increase in financial education in schools and also for older people. I don't agree with Rishi Sunak often, but as a general principle I agree with him that more mathematics education should be a requirement and part of that should include personal finances.

ComicGeek

Seems to be the way that most industries are going.

1. A few rotten apples take advantage of people.
2. Government overacts by massively over regulating the industry.
3. Compliance costs go up, reputable firms either quit the market or have to significantly push up prices to cover costs.
4. The rotten apples continue to find ways of skirting around compliance and continue to take advantage of people.
5. Government continues to implement new levels of regulation that only the reputable firms follow…. rinse and repeat!

We have the same in the construction industry - the cowboys still operate despite the massive amounts of regulations, while the rest of us drown in paperwork… Our insurance costs are roughly 10% of turnover this year, despite never having a claim against us. 20 years ago it was 2% of turnover. That's not sustainable.

Also very similar situation in that the large consulting firms aren't interested in the small projects - the house owners and developers just need a basic review and a bit of help steering in the right direction, and we are ideally placed to provide this but won't be able to afford the ongoing compliance/insurance costs soon.

It's a deliberate strategy of moving 'business' to the largest firms - but bigger doesn't mean better, and ultimately means a focus on profits and shareholders over consumers, higher costs for consumers and a bigger mess to clean up when they fail.

Roger175

https://forums.moneysavingexpert.com/discussion/comment/82045801#Comment_82045801

Couldn't agree more. As a retired construction industry professional consultant it just ground me down. The last 10-15 years just got worse by the month and in the end I was done!

wjr4

https://forums.moneysavingexpert.com/discussion/comment/82045073#Comment_82045073

there is a restrictive covenant usually.

jimjames

https://forums.moneysavingexpert.com/discussion/comment/82046033#Comment_82046033

Although I wonder the difference for an owner selling vs an employee IFA of a business that is selling up. If the clients are happy with Harry then they might prefer to stay with him as an IFA under the same terms.

Ibrahim5

Groups of people willing to pay so much for so little have become a very valuable commodity to be bought and sold.

cfw1994

all I can say is good luck in your search….sounds like a tough space to be 😔