Restricted advice model mooted by Axa Wealth

Axa Wealth is to launch a restricted advice model in the next three months to run alongside its existing independent advice model.

The company says if advisers have not already done so they need to make a decision about the type of service they are going to offer their clients as soon as possible.

It says advisers need to consider whether clients value advisers’ expertise over their independent status, and warns maintaining independence may be more expensive than opting for the restricted route.

David Thompson, managing director of marketing and distribution at Axa Wealth, says: “There is no doubt the RDR is going to change the landscape of financial advice. It will shift the focus away from ’which product’ to ’which service’, and the value of that service from a client’s perspective.

“We believe there will be a very healthy whole of market sector and we will continue to support this fully. We do however want to offer flexibility in our approach for advisers who are considering a different route.”