OK, virtual hands-up if you’re a client of any financial adviser: did you read the, probably lengthy suitability report which you would or should have received at some stage in the ‘advice process’ (as noone outside our inner circles actually calls the various chats and meetings you will have had with your adviser)? Apparently only around 10% do so in any detail, more than do anything other than ‘Accept All’ cookies on a new website and less than would claim to have never received it if anything went wrong. These reports have become, over the years, exercises in back-covering, their length and complexity has increased such that the time they take to prepare can be longer than the whole of the rest of the ‘process’. The regulations say that it should include clear client information, justification of the recommendation, highlight any disadvantages and disclose fees. All of which could be done in the space of a couple of pages which someone will actually read. Handing it over to AI, currently much touted, will save time but, I fear, increase complexity. So fewer still will give it more than a cursory glance.
Budget Rumours and Possibilities
The Budget Rumour Machine is not the shambles it was last year. Before Rachel’s Swansong all sorts of stuff was leaked to see what sort of puddle it would create.
