London at the forefront of fees change: Kinder

Mr Kinder, founder of the Kinder Institute of Life Planning, told the Personal Finance Society in his opening keynote address that changes within financial advice are already happening.

He said: "We are at a profound historical moment. London and the PFS will play a role in this transformation and how financial services are delivered. Hold on to your hats. It will happen and it will come faster than people think.

"This transferring to a fee-only model is occurring everywhere. There is change coming from large corporations and regulators.

Deborah Doyle McWhinney, head of personal wealth management for Citi in the US, said that she was moving its model to a fees-only approach.

She said: "All of this is a terrific thing – it is about professionalism, trust and standards. It is about the bottom line as much we move towards a new model of advice."

Mr Kinder said, the three movements within the financial advice sphere were professional qualifications, move from sales to service and commission to fees, and life planning.

He said of most importance, advisers should listen to what their clients want.

Mr Kinder said: "What is life planning? It is the art of conversation and getting from the client want they have always wanted."

The closing keynote came from consultant Ned Cazalet, principal of Cazalet Financial Consulting, who discussed the future evolution of advice.