The Law of Unintended Consequences strikes again. A couple of years ago our regulator introduced something called ‘Consumer Duty’, the basic principle of which, very worthily and quite rightly, was that everyone in financial services should put their clients, the consumers, first in everything we and they do. A part of that was ensuring ‘fair value’, that everyone gets what they’re paying for. As a result, we all looked at what we offer and what it costs and the conclusion for the majority has been that we can’t offer as much to so many for the same price. And so across our profession, fees have increased and the numbers we’re able to look after has had to decrease. Despite the fact that we’re all fortunate enough to have many who still want our help, and that there are just as many who need us but may well not know it. What’s the answer? Many seem to think it’s AI and the power of the internet;, but I’d say it’s simple supply and demand: we need more advisers as it really is personal service and advice that most both want, and need.
“Trade war: Stock markets rally as Trump rows back on Fed and China threats”
Yet another reminder, should one be needed, of how quickly things can and will change. A nod and a wink in the right direction from himself and/ or an underling can provide the solace the money men crave and turn a plummet into, if not a soar at this stage, then certainly a bounce.
