More advisers may work together in 2014
Peter Cave, of Camelot said he had been approached by three or four adviser groups over the past month or two wanting to get together to share resources and help deal with compliance requirements.
He said the changes looming for those who provide DIMS would make that more likely. Many might find it easier to join an organisation that could be licenced to offer class DIMS, and then operate beneath that, he said. “We have 30 advisers so there’s a benefit to having a class licence and having the advisers operate under that.”
Amalgamation and co-operation was an ongoing trend, he said. “Individual advisers are struggling to keep up with everything and are looking for homes, institutions to help them or bigger partnerships.”
Camelot has decided it will need to hire a full-time compliance officer next year.
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