"So for me, I get up in the morning realising that I don't have a conflict, I haven't got anyone else telling me what to do, so my obligation and commitment is towards that alliance and it's a great place to be."
He adds: "I'm not entirely convinced I thought I would ever do this but of course when you get to a point where you can you just make that decision."
In this Richards is not alone, as the whole board of the alliance works pro bono.
Though Richards says he has accepted some paid consultancy work, the proceeds of which he has put back into the alliance.
The CDA, which launched in March, already has 10,000 members.
To date it has been funded by donations from industry corporates but it operates as not-for-profit and has no commercial interests, Richards is keen to point out.
The next stage of its development involves building the infrastructure around it so that it can "do more", he adds.
Eventually this will involve looking for Richards' successor, who may or may not be invited to work pro bono.
"I'm not looking at this as a long-term career because there will be a point at which I'll want to hopefully leave a legacy for someone else to take it further and I can drift off and ride my motorbikes at leisure," he says.
"Not taking a salary is really important to me...where that goes in the future, who knows, perhaps my successor might need to be remunerated, otherwise we might struggle to get someone that's in a similar position where they can afford to do it pro bono."
A key aspect of professional services
When Richards, a former group distribution and development director at Tenet, took the helm at the PFS in 2013 he saw an "opportunity to really galvanise the sector".
He says his whole board was made up of member nominated directors who were giving up their time for free, which made him feel "very privileged to be part of that extended team".
He adds he was "genuinely overwhelmed by the passion of some people who actually were prepared to do something in their own time for free for the greater good of the sector".
Richards says he could never have done the job without this network and it struck him "that there was a real positive change post-RDR where I passionately believed that we'd moved from a perceived industry into a profession and that pro bono is a key aspect of all professional services".
Richards was instrumental in establishing formal pro bono programs at the PFS.
He launched MoneyPlan, which partners financial adviser members of the PFS with local Citizens Advice to give guidance to people who would not otherwise seek advice.
