The senior partner at True Potential Wealth Management said that expertise built up over dozens of generations has disappeared as high street banking advice is slimmed down.
Mr Glasgow agreed with predictions made in 2010 by consultants Ernst & Young that more than 10,000 advisers could flee the industry as a result of the RDR, and called on the private sector to throw their weight behind those cut adrift by banks.
He argued: “The need for advice will not go away and I don’t believe that the authorities or services such as the MAS can be relied upon to provide this. It must be the private sector that comes to the rescue.
“Advisers need more support and they need it now. The projections about those leaving the sector may well come to pass, but those that remain in the industry need to know they can rely on support when they need it.”
IFA Comment:
Jennifer Sturrow, managing director of Shrewsbury-based Gee & Company, said: “We used to see bank advisers as the opposition and responsible for poor advice, but they were just being told what to do, working between strict parameters where flexibility and adaptability didn’t exist.
“I do feel sorry for them now and no doubt they need to retrain. There are lot of recruitment companies who they could approach, depending on qualifications, but any IFA taking on new staff would view a ex-bank employee with inevitable suspicion.”
