A weekly account of the curious goings-on in the world of financial services
Introducing bullsh*t bingo
FNZ-backed technology provider Advicefront has debuted a list of acronyms and words that advisers dislike, helped by the ever-amusing Alistair Cunningham of Wingate Financial Planning.
Dubbed “bullsh*t bingo”, the list includes regulators and bodies including the FCA, Financial Ombudsman Service, Pensions Ombudsman Service and The Pensions Regulator, along with the appropriate acronyms for terms like “funds under management”, “assets under management”, “zero-point module”, “value at risk” and “junior individual savings account”.
Advicefront says the terms “value chain”, “vertical integration” and “high net worth” were among those advisers found most grating, along with “protecting the downside” and “decumulation strategy”.
WSJ loves a good acronym (clearly) but agrees with Cunningham that they sure can be a nightmare!
WSJ has heard many investment managers, asset managers and vertically integrated firms praise themselves over the years for the extensive variety of funds they can invest their clients’ money into.
Research from Scottish Friendly, however, has WSJ feeling that quantity is not all it is cracked up to be. Scottish Friendly found 4.4 million regular savers – accounting for more than one in three – are put off investing because there is too much choice.
The research showed 31 per cent would prefer to know less than 50 funds are an option for their money and are generally put off by the sheer size of the industry.
WSJ knows this is why more people need advice…
Out of context
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Send your suggestions to @mm_wsj.