At the RDR briefing this morning, Harrington said: "RDR has formalised the professionalism and you are seeing a race to the top in terms of standards.
"So we are seeing a bifurcation of the advice market, which will happen alongside increased levels of M&A activity.
"I think as we go on through the next decade post RDR, we will see some boutique firms dealing with high-net-worth clients and a 'race to the top' in terms of professional qualifications, and the larger, vertically integrated firms dealing with more run-of-the-mill investment advice.
"This race to the top is not a barrier to joining the profession: it is making it more attractive for a diverse talent pool to join the industry."
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