Aberdein Considine’s wealth division has completed its transition to a limited company as regulatory changes are announced to help those seeking financial advice.
Following approval by the Financial Conduct Authority, AC Wealth is now a separate legal entity to Aberdein Considine LLP, with both firms maintaining a close working relationship.
AC Wealth will operate as an independent business with 13 financial planners and 23 staff.
Chief executive Jen Paice said: “This is an exciting next step for the firm,” adding that the firm was moving towards “holistic financial planning”.
However, despite high demand for advice, a recently published FCA survey ‘Financial Lives’ 2024 has indicated that in the 12 months to May 2024, only 9% of adults received regulated financial advice about investments, pensions or retirement planning.
The FCA is unveiling proposals today for a “targeted support” regime that could help the majority of people who are unable or unwilling to pay the costs for full personalised advice.
Firms will be allowed to send suggestions to their customers without doing a full assessment of individual circumstances. This is not currently allowed.
The reforms are aimed at helping people make better financial decisions as more people turn to influencers and other non-authorised sources of advice that could result in poor outcomes.
The savings and investment industry has welcomed the reforms. Consumer groups are also supportive but have warned that the changes could turn into a mis-selling disaster if abused.
Sarah Pritchard, deputy chief executive of the FCA, described the changes as “once-in-a-generation reforms that will help people navigate their financial lives and give them greater confidence to invest. This is a win-win for consumers and firms alike”.
Areas where targeted support could help include options for taking annuities or drawdown when an individual is able to access their pension.
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