- Disagree (44%)
- Agree (38%)
- Not sure (18%)
The result of our latest poll appears to suggest there is plenty of support for the idea that it’s possible to transition personal advice clients to a general advice model within the context of advisers finding a solution to extend their career and their relationship with their clients.
As we go to print, the doubters still outweigh those who believe such a transition is possible, but the margin between the two camps isn’t big. For many, this may come as a surprise, but as we pointed out last week (see: …Transitioning Personal Advice Clients…), this question isn’t about whether or not you agree with the concept or are opining as to whether such a move is easy or hard. Rather, this poll is simply asking whether you think it’s possible – and many have said it is.
In looking at one of the next questions in this conversation – namely whether a move to general advice is not only possible but feasible, our challenge has been to speak with advisers ‘on the record’ who advocate that such a move is indeed within their scope, because they prefer to remain under the radar for the time being, while the industry continues to evolve in a regulatory sense.
In the meantime, while it’s too early to establish whether a move to general advice will become a ‘real’ alternative for many advisers who are presently being challenged to retain their place in the sector due to regulatory reforms, it appears that there’s a growing body of conversation around the fact that at least there may be alternatives out there for some of these mostly more mature-age advisers.
The question should not be IF we can move our Advice model …it should be HOW do I do it
As one adviser commented last week:
The question should not be IF we can move our Advice model to something that enables us all to have choices and still be a great contributor to our clients, it should be HOW do I do it, so I can stay in this once great Industry and continue to help people.
If you want or need to continue, then there is ALWAYS an answer.
Our poll remains open for another week and we welcome your vote and your comments as this debate continues. Let’s keep talking…