The director of research consultancy Fundscape said new figures from Matrix Solutions, which showed a 48 per cent year-on-year increase in business for IFAs, has allowed providers to “kick the can down the road” instead of grappling with the emerging advice gap caused by the end of commission.
Speaking at the Matrix Financial Clarity Seminar at the Shard on 31 October, Ms Caridade-Ferreira said: “Advice has always been for a small percentage of people, but RDR has closed options for people who would previously have gone to IFAs or bank advisers, even though their models were not ideal. Just because you have small assets does not mean you are not entitled to advice.
“SJP [national advisory firm St James’s Place] is not targeting the wealthy. It is prepared to help you whatever your level of wealth, whether it is £20,000, £200,000 or £2m. Providers and advisers should be getting together to see how they can help more clients.
“We would appreciate more guidance from the FCA about ways to do this,” she added.
Ms Caridade-Ferreira’s comments echo the view of John Taylor, director of Worcestershire-based the Whitehall Partnership, who said: “Love SJP or loathe it, you have to hand it to the company: it has got it nailed.”