It means IFAs will need to pay particular attention to how they communicate with legacy clients in terms of ensuring that the correct level of advice, if any, is applied, as well as the implications of moving those clients to an explicit fee arrangement. It may be that changes you have already made to your service proposition over the last few years will dictate whether or not certain clients will be better served elsewhere at this point.
Harry Kerr, MD of Avalon Investment Services
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