Selling a product is one thing, selling advice is another." That is one of two great lines the always-opinionated Clive Waller came up with a couple of weeks ago.
Waller released an excellent piece of research, supported by Aberdeen Asset Management, entitled The Emperor’s New Clothes about RDR. His other great line was about what he called “average life companies and average fund management houses”. But back to advice. The majority of the debate about RDR from a regulator’s perspective has been based around remuneration. Its view could quite easily be summarised as “commission bad, fees good,” without any intelligent discussion about what exactly consumers are being asked to pay. It is one thing selling a product to a client – usually needs dr...
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