Will Financial Advice In Dumfries And Galloway Decrease With The Removal Of Commisson From Savings,insurance And Investment?
by Ron Sombilon Gallery
There are quite a few factors to consider
1. Dumfries and Galloway has a growing private and public sector debt.
2. There is a glut of houses for sale in the region reducing growth in house prices and still lower by approx 10% from 2 years ago.
3. There is an aging population and an ever growing average age as more people retire to the region and bright young talent migrates from the region.
4. Unemployment is at it’s highest for quite some time especially with the young.
5. There are fees for other professional services and people are used to paying accountants and lawyers.
Growing public and private sector debt will certainly cause the vast majority of households to make cutbacks. Fees of £50+ per hour will be avoided and removed from most budgets if possible.
The housing prices stalling is good news for financial advice as a whole because the first step for most with regards financial awareness is the vast differences in the mortgage market and the vast terminology used in describing products, for example:
CAPPED – won’t ever go over a certain level
FIXED – will stay at a certain level
TRACKER – will stay in line with a base rate for example the Bank of England base rate.
The aging demographic in itself will change the type of advice that is required for a 60 year old is unlikely to be buying a house with a mortgae but much more likely to be looking at retirement annuities. With the growth of discount brokers available this is likely to be a segment that will be targeted UK wide by discount brokers at reduced fees. The reason being there are a few less considerations to take into account and the risk and value of the product class has already been determined by a very highly paid actuary and his great big computer.
Unemployment will be a major factor as clients will be joining the workforce later due to high youth unemployment to income nothing to pay for advice with.
The fact that related services have charged fees for some time doesn’t mean that people are happy about paying for the advise. The major difference is that although you might not want to pay a lawyer you cannot do the work yourself. You can arrange insurance yourself or a mortgage or any other more technical advice yourself it might not be easy but it will be legal. There is also an ever growing do it yourself literature and even though it won’t compare to sitting down with an expert it’s there and it’s not going anywhere anytime soon.
So will financial advice in Dumfries and Galloway decrease with the removal of commisson as people in the region try to make their own savings,investment and debt reduction descissions?
With the removal of commision from the sector to be enforced by 2012 announced today by the financial services authority. It is unlikely that many peole in Dumfries and Galloway will pay £50+ an hour or a flat rate of £200 for consultation or advice. Where commission hid these fees and many paid upto five times more without realising. The removal move jobs out of the region with financial advice being offered remotely or at reduced fees, or possibly even fee free by other service providers.
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