The FCA has published figures on the number of advisers operating at 1 January 2013 and found that numbers fell 23 per cent from the estimated 40,566 at the end of 2011 to just 31,132 at the end of 2012.
The number of Independent Financial Advisers and tied advisers operating on 1 January 2013 fell 20 per cent over the year, while the number of bank advisers fell a staggering 44 per cent. The actual number of bank / building society advisers fell from an estimated 8,658 in 2011 to 4,809 – partly because many high street bank advice arms have ceased trading, with one major bank at the start of 2013 carrying out a 90-day strategic review into how to offer investment advice.
Many clients of the high street banks are facing a situation where their current adviser will simply no longer be available. Quite simply, clients are being ‘orphaned’ by the financial institutions that were happy to charge commissions and take their money but now no longer wish to provide an essential ongoing service.
So where do former clients of bank financial advisers turn to for their financial planning advice?
Fiducia are happy to extend their offer of a complimentary meeting with former clients of bank advisers. We have already found that former bank clients are impressed by our financial planning service and investment management, especially since we are independent, fee based and believe in a long-term relationship. We have nothing to sell, we believe in service.
Contact one of our highly regarded advisers to find out why Fiducia have been awarded the Best Small Company IFA of the Year 2013 by the prestigious national publication Money Marketing.