This week Vanguard confirmed that it has been given the go-ahead by the Financial Conduct Authority to provide investment advice in the UK. Whilst Vanguard has said its plans to offer financial advice in the UK were only in the very early stages it is still a significant announcement for the financial advice industry.
Vanguard's advice proposition is not going to replace holistic financial advice as it will be limited to investments and certainly won't cover the full remit of independent advice. However, IFA clients may well start to reflect on their advice requirements and whether these can be satisfied adequately by Vanguard's low-cost offering once it is launched. This will inevitably raise some challenging questions for IFAs in the future as clients examine the fees they are charged versus the advice services they actually utilise.
Vanguard's entry into the financial advice market will certainly shake-up an industry that has been reluctant to change, driving down the cost of financial advice in the long term which can only be for the benefit of all consumers.
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Episode 254 - On this week's show I talk about let to buy mortgages and who they could help. I also discuss interest rates and whether the Monetary Policy Committee at the Bank of England is likely to vote for a rate cut when it meets at the end of January. Finally, I discuss whether there really is about to be a 40% drop in equity markets and what worried investors should do.
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