Vanguard: Auto-enrolment will cut 'squeezed middle's' need for advice

The advent of NEST and higher participation in work schemes will lead the so-called 'squeezed middle' to need significantly less advice, says Peter Robertson, head of retail at Vanguard Investments UK. He says the vast majority of both high net worth and middle income earners will benefit from lower charges and a lack of biased advice post RDR. This week, in a debate on the RDR in the House of Commons, MPs argued as many as three million existing clients, many of them elderly, will lose access to their adviser because of the RDR. But Robertson says those who warn that modest earner...