Financial advice could be made available to more people thanks to a solution proposed to the Financial Conduct Authority as part of its Sandbox innovation initiative.
Alistair Fullerton, director at Lathe and Co, has responded to the FCA's latest Call for Input and applied to its sandbox advice unit, suggesting an online platform linking consumers with advisers offering a ‘one off’ service could bridge the advice gap.
The idea centres around a digital marketplace on which advisers can post the specific aspects of advice they are willing to provide, such as a fund recommendation, pension snapshot, sorting out an Isa or helping with a mortgage.
Consumers can then search for the specific advice they are looking for and compare the charges and reviews of advisers who can offer it. They will then pay a one-off fee for that specific advice.
He told Financial Adviser this could suit people who cannot afford ongoing advice but might have a need for, say, an Isa or a mortgage recommendation.
Also in Financial Adviser this week, Rachel Mortimer reports on the rising demand for paraplanners, which has resulted in a waiting list of advice firms queuing up to book the services of a qualified paraplanner.
Demand is also rising for entry-level jobs. Adviser academies such as the Quilter Financial Adviser School are reporting record intakes and summer spikes as the government desperately moves to protect jobs from the threat of the coronavirus crisis.
It comes amid reports advisers are struggling to fill more experienced job vacancies, but are being inundated with application for trainee roles as school leavers struggle to settle in a jobs market fighting against the tide of the pandemic.
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Simoney Kyriakou
To find out more about our #KeepFeesFair campaign, email simoney.kyriakou@ft.com
