The industry will lose a whole lot of advisers through the incoming education standards, but it will be a rate of attrition that it needed anyway.
That is according to Experience Wealth chief executive and leader of The Advice Movement, Steve Crawford, when he was asked about whether the education standards will be good for the industry.
Also on the ifa Show podcast, Mr Crawford spoke about whether sales has a place in financial advice, and whether he considers himself someone who works in a sales industry.
“Absolutely. I don't have any issues with sales as long as what's on the packaging is what's inside. For me, that's the biggest issue,” he said.
“The industry for too long has sold financial advice as financial advice … whereas, at its core, it is product-based advice with a layer of strategy over the top.
“Until that goes, and all the mechanisms that is protecting that environment in terms of vertical integration of licences, the remuneration payments, grandfathered commissions. Until all of that shit is gone, then we will live in a dirty sales culture.”
Listen to the full episode now.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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