How do you solve a problem like an ageing population? You re-establish the banks’ ability to provide advice that’s how.
In a recent discussion paper by the FCA, it was suggested that bringing back advice to banks could help fill the ‘hole’ in retail investment advice. The rationale behind this is that “Retirees increasingly need help with striking the right balance between flexibility and security of income; taxation and greater understanding in respect of the provision and funding of health and social care”. Of course this opinion will not be welcomed by many of the ex-employees of the Natwest advice team who have seen a mass redundancy exodus during the early months of 2016.
However, if there is a large number of retirees that need extensive financial support, the banks will not struggle to find suitable advisers who would jump at the chance to work with this ready-made and available client bank. Only time will tell whether this idea comes to fruition during 2016/2017 or whether the FCA decides that this is just a thinking out-loud theory.
By Tom Brown
Note: My thoughts are my own and not of CleverHR. The purpose of this article is to open discussion and debate on past, present and future topics within the financial services industry.
How do you solve a problem like an ageing population? You re-establish the banks’ ability to provide advice that’s how.
In a recent discussion paper by the FCA, it was suggested that bringing back advice to banks could help fill the ‘hole’ in retail investment advice. The rationale behind this is that “Retirees increasingly need help with striking the right balance between flexibility and security of income; taxation and greater understanding in respect of the provision and funding of health and social care”. Of course this opinion will not be welcomed by many of the ex-employees of the Natwest advice team who have seen a mass redundancy exodus during the early months of 2016.
However, if there is a large number of retirees that need extensive financial support, the banks will not struggle to find suitable advisers who would jump at the chance to work with this ready-made and available client bank. Only time will tell whether this idea comes to fruition during 2016/2017 or whether the FCA decides that this is just a thinking out-loud theory.
By Tom Brown
Note: My thoughts are my own and not of CleverHR. The purpose of this article is to open discussion and debate on past, present and future topics within the financial services industry.