I doubt providers will put their name to accountable advice by actually transacting the retirement solution the client wants. I doubt very much if they would be prepared to do so, or will be licensed to be able to - especially as it must be done ’free’.
Will these advisers be restricted, independent or a sort of in-betweenie, as they do not actually provide true advice?
I suppose then what happens is ‘other advisers’ have to step in, provide accountable advice, and transact business on behalf of the client. If this is the case, what is the point of the first adviser’s meeting?
This whole new level of ‘advice’ is paid for by the industry and ultimately by the consumer. Have better consumer outcomes been delivered by the pointless initial free advice followed by accountable advice? Only time will tell.
John Wooller
Cardiff
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