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London IFA launches manifesto to end 'sales-led' wealth culture

London-based financial adviser Anna Sofat has launched a manifesto that hopes to change the culture of wealth in the UK

London IFA launches manifesto to end 'sales-led' wealth culture

Addidi Wealth managing director Anna Sofat has launched a manifesto in a bid to change the culture of wealth. 

At a meeting held for press, clients and business owners yesterday, Sofat (pictured) introduced her three-pronged approach to call upon government, business and individuals to promote and nurture a better environment within financial services

It calls on the government to commit to improving accountability and financial services to eliminate the bad and the unethical. It also asks employees to question and challenge their employers, and for women to own their power and engage.

The manifesto aims to combat a ‘sales-led’ culture that Sofat has identified as rife in financial services. 'While money is neutral, what we do with it, is not,' the manifesto states. 

Sofat said this has been to blame for financial services having one of the biggest gender pay gaps in the UK. She says, ‘even the regulator has admitted that culture failure has been at the root of many of the failings causing consumer harm,’ as many scandals have been a product of sales practices and financial exclusions for millions.

Although the manifesto states that a a ‘men, money and power’ attitude has dominated attitudes towards money in the UK, it also states that this should not be replaced with a 'women, money and power' attitude. 

‘The industry has also been a great innovator and I believe it can lead the transformation needed for a healthy wealth culture,’ Sofat adds. ‘Over the past few years, I think we have learnt to be a bit more humble and appreciate the inequalities we have created.’

A white paper will be released in June. You can read Sofat's full manifesto here. 

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