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Services group offers retiring IFA programme

Services group offers retiring IFA programme

True Potential has unveiled a service that will allow advisers using its platform to transfer ongoing servicing of their client banks to True Potential Investments.

Speaking at the True Potential Outlook and Opportunities conference in Manchester, Daniel Harrison, managing partner of True Potential Investments, confirmed the launch of its new client servicing programme.

Mr Harrison said the service would to be of particular interest to advisers who are getting ready for their own retirement and need a succession plan, as well as those who are struggling to find new clients due to ongoing service demands.

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According to Mr Harrison, by freeing up more adviser time through the new programme, professional advice will become more widely available.

He said: “Advisers can pass over the stewardship of their clients when they come to retire, or they can pass over the clients that only require servicing, but with the option to provide advice when it is required. For the advisers, there will be no disruption at all.”

This comes as research from True Potential suggested the number of advisers has plummeted from about 200,000 sales advisers in 1990 to less than 23,000 financial advisers today. This compares to around 150,000 legal professionals and 330,000 accountants.

In October, the FCA reported in the Financial Advice Market Review input paper that in 2007 two-thirds of retail investment products were sold with professional advice. This conjunction of professional advice and product sales is also a feature in other countries.

However, in recent years the FCA reported it had seen a decline in the number of financial advisers offering professional advice – from around 26,000 in 2011 to 24,000 in 2014.