On Tuesday the 12th of May I was asked to appear at the London Morningstar conference to discuss what good financial advice looks like. I was invited to sit on a panel alongside prominent wealth advisers and experts in the financial planning world to discuss the difficult question of how consumers differentiate between the different types of advice available.

We all know that the new pension freedoms will escalate the need for advice. The Government has announced they will deliver free money guidance via face-2-face sessions through Citizens Advice and phone support through the Pensions Advisory Service, but the terminology used differs across all of these services.

Moderated by the CEO of the Institute of Financial Planning, Steve Gazzard, our panel handled some challenging questions and led a debate about how the financial advice profession could evolve and better market its services to make it clearer to consumers what constitutes ‘good advice’.

As a supporter of making the complex easy to comprehend, I believe it’s time for these various organisations to at least standardise the language they use, to help people make the right choices for them.

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