A big shakeup is coming soon for financial advisors in Britain. Regulations that take effect on Dec. 31 will radically change the way U.K. advisors make money, structure their business, acquire licensing and more. But don't stop reading just because these new rules don't affect you personally: I think they offer some important guidance about both the future of our profession and the future of your practice.

Perhaps the most dramatic change is the ban of commissions for advised retail investment products. (The new rules do not affect commissions on insurance products or group pensions.) Starting next year, British advisors must also disclose and charge clients separately for advice.

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