Journal :: The Latest Which? Survey

Published: August 9, 2004
Author: Paul Cadde
Category: Client Care
Permalink: The Latest Which? Survey

Many of you will have seen the latest ?Which?? report yet again lambasting financial advisers for offering very poor, in fact criminally negligent, advice to their team of mystery shoppers. Of the 39 they approached, only one gave acceptable advice. Perhaps some of you reacted with a groan and said ?not another attack on our profession!?

But read the ?Which?? article carefully. You will find it is not an attack on our profession at all. The mystery shoppers focussed on banks, building societies and estate agents. Most of the advisers they approached were direct sales advisers, not Independent Financial Advisers.

Take this report as vindication of our worth, not an attack on our profession. As Independent Financial Advisers we act in the best interests of our clients, not an insurance company or bank. And this is the case whether we obtain some or all of our remuneration from commission or not.

Yes, there will always be high profile cases of IFAs who have treated their clients very badly and cynically in order simply to make a fast profit without regard to those clients? best interests. Just as there will always be rogue doctors, solicitors and accountants. But just as in those professions, the majority of us provide an excellent service to our clients. That, of course, is not newsworthy ? which is why we keep on reading about the swindlers and cheats, not about the vast numbers of ordinary IFAs doing a highly commendable job day in and day out.

I, for one, am proud to be a member of the profession and can lift my head high. Knowing how much value I bring to my clients I can confidently ask them to pay reasonable retainers, and require an appropriate fee for every piece of advice I give.

Are you happy that you are earning what you should be for the value you give? Or would you like to find out if there is a way of increasing that income without increasing the already unreasonable number of hours you burn ? in fact, increasing your income and reducing your working hours?

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About Paul Cadde

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