It shouldn’t need saying, but apparently, it does. Separating product from advice will not mean an adviser can’t, or shouldn’t, recommend a product solution. Of course, they will, and in ma
A new online investing service has been launched by industry veteran, Simon Wu, to help close the advice gap and enable young people to access professional portfolio management.
One adviser said that, in many instances, it depended on the profile of the client and the products and platforms via which they were invested, but he calculated that he had already offloaded close to 200 clients.
“We are getting more referrals, but we now actively screen them for ones that don’t create a lot of unnecessary workload,” he said while providing the example of someone earning over $150,000 a year with between $1 million and $1.5 million in assets.
The adviser said that often the decision came down to the pragmatic assessment of which particular product a client was in, how much was being generated in fees and the degree to which this fee generation was being offset by regulatory administration.
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