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Financial advice review welcomed


Responding to the news of a major new review looking at how financial advice could work better for consumers, Thomas Miller Investment has welcomed the initiative.

Responding to the news of a major new review looking at how financial advice could work better for consumers, Thomas Miller Investment has welcomed the initiative.
Matt Phillips, Managing Director, Thomas Miller Investment, says:  “Whilst the Retail Distribution Review made sure that we moved further towards having professional advisory firms for clients to access trusted advice, it has done very little to address the so called advice gap. Meaning that the majority of people are not able to access advice as it is seen to be too costly and the benefits of financial planning are not fully understood.”
Phillips believes that there are a number of areas that need addressing. “Firstly, there is much that we can all do to educate people about the benefits of good financial planning and the need to take it up” he says. “This should start with education in schools to ensure that we have future generations who understand the basics of personal finances. The generations ahead of us will be better equipped to take care of themselves while being able to see poor advice and mis-selling for what it is. Only by individuals taking advice and saving more, will we as a nation be able to deal with an aging population.”
However, in tandem with this, Phillips believes that there needs to be tiers of advice available to those with different needs and different levels of wealth. “The key to this will be to allow simplified advice, potentially with a lower regulatory burden, which is going to be suitable for the vast majority of people,” he says.
“We believe that this is likely to be available through online advice and provided remotely but should meet the required needs of many, as opposed to the current situation where only the few are receiving good financial advice.”
Phillips says that a lower regulatory burden does not mean open season for mis-selling and over emphasis of product sale, but does encourage those that want to build long term, scalable businesses.
“We welcome this further development and review as the next step in the development of the advice market and look forward to inputting into the consultation process,” he says.

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