Is this the new approach to financial services?

Historically accountants have eschewed IFAs. I suspect this is rooted in the natural misalignment existing between a knowledge based, service profession and what was excessively a product based, sales industry. In simple terms, the financial services industry has historically focused on selling products that they had manufactured with their own interests in mind, rather than finding out what clients needed and manufacturing that instead.

Before looking at significant changes, it’s necessary to understand where IFAs were and why.

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