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An adviser’s angst rap (with apologies to Eminem)

“Dear Slim, I wrote but you still ain’t callin’. I sent two letters back in autumn, you must not-a got ’em.

There probably was a problem at the post office or something.

Anyways, I hope you get this man, hit me back, just to chat, truly yours, your biggest fan.

This is Stan.”

“Dear Stan, Sorry I’ve been slow in gettin’ back to u. Bin stuck on hold in the call centre queue.

Lost my login and my Unipass done broke.

Their systems are down, but I gotta keep holdin’ cos they tell me your business is important. Slim.”

“My girlfriend’s jealous cause I talk about you 24/7.

But she don’t know you like I know you, Slim, no one does.

She don’t know what it was like for people like us growin’ up.

You gotta call me man, I’ll be the biggest fan you’ll ever lose.

Sincerely yours, Stan.”

If you’re reading this, you will either recognise the frustration or you won’t. Unless you are involved in client-facing work, this, like wraps, has gone straight over your head.

Clients do not know the price of admin but they sure know the value. IFAs know the cost. IFAs need:

– Aggregation – 100 per cent providers, 100 per cent products, no excuses.

– Portfolio analysis on existing portfolios, giving risk analysis on demand, with automated warnings as fund values move.

– Online client log-ins so clients have access to folders containing their fact-finds, initial disclosure documents, risk profiles, menus (bless their little socks), statements, policy documents et al.

– Collated funds under management summaries repriced daily, able to be sliced by product, provider and client.

– To be able to do basic tasks such as downloading client holdings on to a spreadsheet and track performance on an annualised basis.

IFAs also want:

– Someone else to do the admin. What a golden opportunity this has been.

– To be able to see all the client premium they control in one place – up to date.

– To retain the capital value of client money they allocate.

– To be able to monitor client money, including that old s226 that’s now worth £x00,000 and which might still be in with-profits.

– To work with a generic platform as opposed to a provider’s sales tool.

– Roll on, roll off. Wraps must not be allowed to be asset jailers.

– Providers to listen.

Providers are learning a very expensive lesson due to simple lack of knowledge of the mass IFA market and what it actually does day to day.

Stan is a client and he just picks up the phone and gets Slim to put it all together. Wraps are to help Slim, not Stan, kapische?

Doug Brodie is a director at Master Adviser.


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