Gilly Green

going to be slightly more controversial than that and say, the banks have never been good at this.

They've never been very good at that crossover between banking and wealth management.

They themselves will probably admit that.

So yes, interesting to see if they come back into it.

But I also think looking at where we are with targeted support, if you talk to the advice-led firms, no one is interested.

It's such a low level of potential revenue and you need a critical mass of clients to be able to make it work.

And none of the smaller firms or even the medium-sized firms want to spend a fortune on technology to actually address it.

So I think where this might go, and the firms that are probably really well positioned to do it, are the insurance companies, because they have brand recognition.

which not many, the high street banks do, but none of the advisors, even St.

James Place, don't really have brand recognition on the street.

But the insurance companies do.

And what they also do is they normally get in there at the first point where people can save, and that is for their pensions.

So I think there's an opportunity for those guys really to look at targeted support and how the advice could wrap around that sort of workplace scheme type thing.

I think if we're, you know, today, I don't think the advisors are that worried about it.

In 10 years time, I think the insurance companies might be eating our lunch.

And if you look at actually the model in Europe, the advice is given by bank assurers mainly.

The distribution model is bank assurers.

They don't have the fragmentation that we have.

Maybe we'll one day look a little bit more like that.

I don't know.