I read with amusement about some confusion in Europe from this article
IMD advisers warned not to advise on direct investments (http://www.international-adviser.com/article/imd-advisers-warned-not-to-advise-on-direct-investments)
Apparently, the article warned that advisers operating in Europe under an ‘Insurance Mediation Directive’ can only give investment advice if they are within an insurance wrapper. Advisers who are advising on investments that are outside the insurance wrapper......