So, British Steel has been placed in compulsory liquidation, following the breakdown of talks between its owner and the government. It only seems a short while ago we were dealing with the last crisis for the company’s beleaguered pension scheme members. Back in 2017, they were given inadequate help as they tackled the decision about […]
There are ongoing challenges for our industry in the post-defined benefit transfer world. I have recently been reminded of this with the news of the withdrawal of permissions from one local firm and the financial collapse of another. It is a tough world out there and, with continuing FCA scrutiny across many areas, it is […]
Along with all the other firms that provide advice on defined benefit transfers, we received our questionnaire from the FCA about the quantity and nature of cases we have handled since 2015. By the time you read this, the deadline for its return will have passed and those under scrutiny will have breathed a collective […]
I have recently completed training to become a certified money coach: it is an area we are developing to complement our traditional advice service. One of the exercises is to imagine you are floating in a small boat through time. We ask you to consider where you want to land and what you might find […]
Once upon a time, almost every adviser entered the profession via major banks and providers. These players encouraged staff to take professional exams, providing a rich seam from which firms could mine an endless stream of young candidates keen to move into the more demanding independent advice sector. Once RDR took effect, we lost that […]
Advice firms are doing well at the moment. What we do has been recognised as important and we have been busy. We are profitable and standards are high. But just how sustainable is even the best business? Picture yourself presenting your firm on BBC’s “Dragons’ Den”. It all sounds good to start with: a client […]
The scramble to do as many defined benefit transfers as possible while values remain high is unabated, and I am constantly amazed at how some firms have thrown caution to the wind in the hunt for their share of this – admittedly lucrative – opportunity. The problem is that advisers are putting their profits before […]
Advice firms must be extra vigilant not to fall prey to cyber-criminals and put clients at jeopardy
The biggest danger our clients face at the moment is uncertainty. I do not recall a time at any point in my 29 years in financial services when we had so little idea about the direction both the industry and the country will be taking over the next few years. No sooner do we get […]
Cashflow modelling and a meticulous approach to risk are essential to avoid a suitability crisis The debate about whether or not defined benefit scheme members should transfer out continues on its rollercoaster ride. There are so many facets to the discussion and FCA guidance, although useful to an extent, is still not sufficient to make me […]
I am always saddened by the apparent wish to knock advice firms for trying to deliver profits as well as excellent standards. Most of us are just trying to make an honest buck. The recent report from the Personal Finance Society highlights adviser firms are worried about the future because of the cost of running a […]
We have just recruited the fourth intake of graduates to our trainee adviser programme. In this age of spiralling costs and tightening of belts, this might seem like a surprising decision, but it makes perfect sense for us. It is not just about having a source of advisers in the future. Our graduate trainees provide […]