future of financial advice

Roger Brosch on the future of financial advice

Foster Denovo has been growing in spite of the constraints imposed on the industry by the Retail Distribution Review (RDR).

FSA figures show a 23 per cent fall in adviser numbers since 2011 as the RDR takes its toll and it is clear there is a rocky road ahead for some.

But Foster Denovo chief executive Roger Brosch believes that while the fall in numbers is a concern, it also presents an opportunity to act on what he believes is increasing client demand.

He says: “There are businesses that are well positioned and have good-quality advice propositions. There is a real opportunity to recruit and attract some of the better advisers in the industry and there is opportunity in the market.”

Brosch and Foster Denovo know a thing or two about recruitment. At the Money Marketing Awards 2013 last month, Foster Denovo picked up the coveted prize for IFA of the Year as well as the award for Best Recruitment and Development.

“I think there is going to be a very significant increase in the adviser gap and that is a real worry. But there is a mass of opportunity there for businesses to offer good-quality advice. I think the demand is there and there is an opportunity for us to expand,” says Brosch.

Brosch launched Foster Denovo in 2005 alongside board non-executive chairman Keith Carby. But Brosch says he did not initially plan to work within the financial services industry.

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