It's positive that many financial advisers are seeing the FCA’s advice/guidance boundary review as more of an opportunity than a threat.

Initial concerns may be easing as some advisers, 45% we are told in the latest Schroders’ Financial Adviser Survey, look at the review as potentially a new business opportunity.

It’s often forgotten that first, and foremost, Financial Planners and advisers generally are business people. Their primary duty is to make a profit and seeking new business is a primary objective.

According to the survey nearly a half of advisers see the advice/guidance boundary review as a chance to serve some existing clients better and potentially reach new clients.

Of course we do not know yet what will happen with the review. It is, in many ways, a very challenging regulatory area for the FCA which is currently reviewing responses to its boundary review discussion paper DP23/5.

If it gets it wrong, the FCA could risk undermining the whole IFA sector and the principle of independent, impartial and holistic Financial Planning. It will seek to avoid that.

Equally, with the Schroders survey suggesting millions are under-served or un-served by the advice sector there is plenty of room to give more people access to financial advice and suitable investment and retirement products.

A good example, as the FCA has pointed out itself, is the over-reliance on default funds within some products, such as auto-enrolment pensions, and the millions who stash large sums in poorly-paying savings products because they do not have the knowledge to make their money work harder by investing.

These are all issues the review will have to tackle but we should see the shape of any new rules soon, probably post election, and some liberalising of the tight controls over advice are likely, paving the way for significant change.

When this happens many planners and advisers and, of course, many online financial providers will be waiting to launch a raft of new products and ideas.

I don’t think this will harm planners too much - their services and target market are clearly defined and they will continue to serve their clients who have complex advice needs and money to invest.

Savers unable to afford ‘full fat’ advice, which is most of them, should benefit from a much greater range of investment, pensions and savings products to choose from.

The great block to investing is, of course, ignorance so education must be part of the new regime and robust safeguards to ensure the sharks do not move in as large sums are moved around.

But overall, unless any new government stops the changes, the moves should be positive and give many more people the chance to invest and plan for a better future.

Planners and adviser can add a lot to the mix too and may well find themselves with new clients seeking advice a little beyond what a limited range of 'guidance' products can offer.

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Kevin O’Donnell is editor of Financial Planning Today and a journalist with 40 years of experience in finance, business and mainstream news. This topical comment on the Financial Planning news appears most weeks, usually on Fridays but occasionally other days.  Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Follow @FPT_Kevin >Top Tip: Follow Financial Planning Today on Twitter / X @_FPToday for breaking news and key updates