The Retail Distribution Review of consumer financial services is here. A key question, discussed at Prospect’s RDR conference in November at the London Stock Exchange, is: now that investment advice must be explicitly paid for, will this new system improve our returns? I can’t point to any reason why, on its own, it should, but I can see one compelling reason why, in practice, it won’t.
There is great uncertainty in the advice market at the moment and fears that investors won’t pay for something that many had previously regarded as free. Not surprisingly, therefore, many advisers will carry on…
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