The founder of eValue, the adviser tool provider, said restricted advisers could still offer a “comprehensive” service, thanks to the rise of platforms and a wide choice of investments now available.
He was responding to research by consultancy Action Consulting, which revealed 40 per cent of adviser firms are expecting to shut down, merge or be acquired in three years’ time.
Mr Moss said the data belied the fact that more advisers are embracing restricted status post-RDR, since they lack the capacity to offer whole-of-market propositions.
He said: “The key to helping clients improve their returns is not necessarily a function of independence but rather one of charges, tax wrappers and platform choice. By using the raft of tools available in the market today, including platforms, restricted advisers can offer a quality, comprehensive service that focuses on the value of advice.”
The third snapshot poll of 40 advisers from Action Consulting this year also found that more than 75 per cent of firms have no plans to expand services, and 60 per cent expect to offer the same level of service.
Karl Smith, financial planner at Hampshire-based McLeod Browne, said: “The demise of banking advice was not necessarily a bad thing, but at least banks used to provide a service for a particular type of client who was just looking to buy products. So the restricted proposition could suit those who would have accessed bankassurance in the past, but have now been denied.”