Letter: A hard rain's a-gonna fall FT Adviser
On top of this we are faced with the challenges of potentially the most significant shake up in financial advice for a generation impacting on IFA businesses, including a new remuneration model, higher capitalisation and advanced qualification criteria for advisers.
This backdrop along with falling consumer confidence resulting from the highly volatile market conditions for all asset types experienced in the last 18 months has meant that most financial services businesses have had to face up to falling revenues and increased costs.
In this environment it is well capitalised businesses with little or no debt and a clear strategy for the future that are the most likely to benefit from the opportunities which result. Having scale and the ability to achieve cost efficiencies, while at the same time delivering an undiminished level of service are among the essential attributes of those that will survive.
The lack of such attributes, however, has resulted in many of the transactions that we have seen over the course of this year in the IFA sector. A number of businesses, including some of the largest, have simply run out of cash and being unable to raise further funding, have had no choice but to seek a partner in order to survive.
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Parents `affect spending habits`
Many UK consumers who spend considerable amounts in the January sales - potentially putting themselves at risk of debt problems - blame their parents.This is according to research conducted on behalf of Skipton Building Society, which found that 24 per cent of such people say they inherited their spending habits from their mothers.Meanwhile, 15 per cent said that their spending patterns mirror those of their fathers.In contrast, two per cent reported having picked up shopping behaviour from grandparents, while the same percentage said that their spending was influenced by friends."A key part of managing your finances in the current climate is about taking responsibility and keeping track of your outgoings," stated Jason Clarke, a spokesperson for Skipton Building Society.He added that undergoing a financial review can help consumers to avoid a "debt hangover" in the new year.Recently, David Kuo, head of personal finance at Fool.co.uk, urged people to consider their future finances, suggesting that consumers cannot rely on the state pension to provide them with sufficient money.
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