[The Wrap] Advisers will need to earn their trail commission

It is the right thing to do, but the question which deserves lots more attention is what does that look like in a practical sense for advisers? My guess is that advisers have, by and large, being putting clients first for a long time.

Indeed that is arguably the key value proposition advisers have over their large corporate competitors, aka banks. Whatever you think of the current regulation changes, there is an emerging view that it is a good opportunity for advisers to grow their businesses.

However, that mightn't be able to be done in the same way as before, especially for risk advisers.

Buying books of business to bulk up revenue and trail commission could be more difficult.