There needs to be better communication between financial planners and other industries.
Brendan Keane, business development manager at Puma Investments, said more collaboration was needed from the sector with lawyers and accountants.
He said he has “lost count” of the number of advisers who claim their clients have lost out tax allowances as they did not have the full picture from other sectors.
Speaking at the Plannex, rebranded from NextGen Planners, annual conference on Thursday (July 10) Keane said: “This lack of communication needs to change and needs to be challenged and I think this needs to be by the financial planning community.”
Keane said advisers and planners have “the weight of consumer duty to deal with” and said communication with other professions is important when it comes to the regulation.
He added: “There is so much at stake here…If an adviser’s plan is not based on full information it can be non-compliant.”
Keane said advisers Puma Investments works with who have been collaborating with lawyers and accountants, having regular meetings with them, had “transformed” their businesses.
He added: “Do not leave it to the accountants and lawyers to make contact with you.
“Make contact with them just to say we have got a mutual client to make sure nothing slips through the cracks.”
tara.o’connor@ft.com
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