This - and of course action to curb the exponentially increasing cost of regulation and consumer protection - is where our regulators can and should help.
The other major problem for the longer-term future of advice is attracting new blood. There is a danger that a relatively mature sector, now bereft of the factory feed of entrants from the likes of the bancassurers or life insurance sales arms, might diminish through a process of natural attrition.
There are two issues to address here, one of which might be ameliorated by concessions on simplified advice standards that could create a natural route of progression for younger people - and the firms that must fund their training.
Another is the negative perception of the industry as one perennially facing existential threat. This is propagated by the eschatological ravings of a minority of commentators who write on our comment forum and others expressing the belief that the regulator and its cohort are killing the sector, doing it deliberately, and that all ye who enter here should abandon hope.
Some of the concerns are valid - I’ve taken up a few of the causes myself in the last few years. But I’m not a big believer in conspiracy theories and, as stated, I think advice - proper advice - is in the best position its been for a long time.
There will be challenges ahead, of course there will. But those that embrace professionalism, including by going on to become chartered, and that are able to adapt to a rapidly changing consumer dynamic, will prosper.
So good luck for the future and thanks for all your engagement in the past few years, including at times colourful criticism. I’ll see you on the other side - and don’t forget to bring a towel.
ashley.wassall@ft.com
