News Barclays is to close its financial planning arm should be seen as a major opportunity for IFAs to attract clients who can no longer rely on their bank for advice.
Bank 'advisers' have long been the bug-bear of IFAs who are worried consumers are unable to tell the difference between the propositions offered. Some people may argue closing off financial planning services to bank customers will lower access to financial advice to mid-market clients. My argument would be if they are only getting access to sub-standard and dangerous advice through this channel it is no great loss. At IFAonline we have been inundated by advisers telling us horror stories about the unsuitable products sold by banks to unsuspecting clients who then have fled to an IFA b...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
