Thirty or more years ago, the opposite was the case, and a majority of clients were, if not under 45, then certainly below retirement age; in the ‘accumulation’ rather than ‘decumulation’ phase, in current fin servs jargon, saving fof rather than spending in retirement. The change is not just that most financial advisers are nowadays of or past retirement age themselves, that’s more symptom than cause. Commission, remember that, meant that the focus for what were then mostly salesmen for insurance companies and banks, was on selling, remember that, savings plans and pensions. Because they were designed to pay three people, and the client was often third in line, they were not always good value for the first ten years or so and disappeared in a flood of regulation. At the other end, most pensions back in the day disappeared into the one off purchase of an annuity. Nowadays there is frankly no money to be made from those who don’t yet have any money. So advice waits until they have some. Which may never happen… a rather different circle of life.
“Cash ISA allowance could be cut this month”
Our mantra has long been ’straightforward advice that you can understand’. That can mean trying to simplify the many complex products and options with which the world of finance tries to befuddle its target audience.
