A major shake-up in the financial services industry has resulted in a reduction in the availability of financial advice. A number of large players, including the banks, have shut down their advisory divisions and many smaller adviser firms have elected to leave the market.
What caused this dramatic change?
The Retail Distribution Review (RDR), came into effect on 1 January this year. This regulatory change intended to provide clients with clarity over the different types of financial advice available, improve transparency of the charges clients will pay for advice and raise professional standards across the industry.
Unfortunately the cost to firms of complying with the RDR rules is considerable, and as a result, numerous players have taken the decision to close their operations.
Have you, or your clients (if you are an accountant or solicitor), been impacted by the changes?
The financial adviser you work with might have been in touch to inform you, or your clients, that they will no longer be able to advise. Alternatively, they might have gone quiet, lost contact and seemingly disappeared.
We can offer a solution
Based in Wiltshire, Lexington Wealth Management is an independently owned, family run financial planning practice focused on delivering a range of comprehensive financial advice and wealth management services to private clients. We are offering a without charge or obligation meeting to clients who need advice following this regulatory change. If you are an accountant or solicitor we are open to exploring how we might be able to support you, and your clients in meeting their financial objectives.
Please get in touch to find out more.