Writing in the new Financial Planning Today digital magazine, published for the first time last week, Mr Richards believes there will be rising demand for advice. See below for how to access the new magazine.
In the longer term, coupled with the current age demographic of the sector, this will “inevitably lead to a skills shortage”, he said.
He said: “While I am optimistic about the opportunities for advisers to meet the growing needs of consumers, there are a number of challenges that lie ahead.
“The Financial Advice Market Review has highlighted that the biggest issue facing the UK advice market remains the lack of consumer access.
“The rising cost and uncapped liability associated with operating in the regulated advice environment remains a continuing challenge for advisers, driving some to adopt non-regulated activities and acting as a barrier for new entrants into the market, which in turn limits access to advice.”
In his column for Financial Planning Today magazine, Mr Richards also discusses:
- The rising cost and uncapped liability of operating in the regulated advice sector
- Alternative funding for the FSCS and the regulatory challenges
- Advancements in technology and the impact this may have
Mr Richards also comments in the magazine’s special feature on the future of Financial Planning about:
- The ramifications of the Brexit vote for Financial Planning
- What he thinks of robo-advice
- His vision of what lies in store for the Financial Planning profession
To receive the £6 magazine free of charge you must be a subscriber to our free daily website newsletters. If you are not already a subscriber and would like to see the launch issue of the new magazine please subscribe now below or via the homepage.
Financial Planning Today is a new 40-page digital sister magazine to this website
The new editorially-independent digital magazine has exclusive content produced by a team of experienced financial journalists in London.
Other editorial highlights in the launch issue include:
• A major survey on The Future of Financial Planning - based on our first Financial Planning Today Reader Survey carried out just after Brexit - find out what your industry colleagues think
• Exclusive new features including The Client Hunter, Inside My Business, Planner Casebook and more
• Business growth tips and advice
• Paraplanning news and comment
• Comment and columns from leading planners and other leading figures in the profession plus an exclusive article from former Pensions Minister Baroness Ros Altmann
The magazine is being launched by Portfolio Publishing, publishers of Financial Planning Today and Sipps Professional websites, both of which offer daily news to thousands of professional financial advisers.
For editorial enquiries please contact: This email address is being protected from spambots. You need JavaScript enabled to view it.. For advertising enquiries, including jobs advertising, please contact: This email address is being protected from spambots. You need JavaScript enabled to view it. or 01895 678629.