Advisers can learn from lawyers’ low cost initiatives

Advisers can learn from low-cost initiatives of solicitors to enable more people to receive financial advice, according to Jamie Smith of national advice business, Foster Denovo.

Speaking to New Model Adviser, Foster Denovo financial adviser Jamie Smith explained how some solicitors offer wills to customers at a lower cost over an allocated month of the year in order to assist those who are unable to afford it otherwise.

In the advice market, ‘there is the capacity to run a similar initiative’, Smith suggested. This could help to bridge the advice gap and enable more people to understand the value of advice.

He said that while initiatives like Financial Planning Week are a good start to encouraging more people to seek financial advice and get a taste of what can be offered, more can be done by advisers.

Smith added: ‘Our recent white paper found that almost three quarters of 40 to 55 year-olds lack an understanding of what their pension pot means for them at retirement… This needs to be addressed.”

Read the full article on New Model Adviser here.