It is interesting to note that many people working for claim-chasing companies now planning to move into the realms of providing financial advice are described as ex-insurance company employees and ex-brokers (a decidedly outdated term that smacks more of product sellers than advisers).
Why did all these people quit their jobs with insurance companies (probably with a steady salary and a good pension scheme) and with financial advisory firms? Many people might well surmise that the ex-insurance company employees were made redundant and that the ex-brokers simply could not hack it as true financial advisers, whether in the independent sector or even as even tied agents.
So on what basis should we assume the “advice” they will be peddling as employees of claim-chasing firms will be any better than that of the firms for which they used to work? How many of these people were actually in advisory roles with their previous employers? Most of them, I suspect, may well have been admin wallahs who have never in their lives given members of the public anything approaching financial planning advice.
Quality firms that have been giving genuine professional advice for many years need have no fear of claim-chasing firms now aiming to encroach on the territory of the genuine IFA. In most cases, I suggest, they are merely pretend professionals seeking a veneer of respectability to slag off and pick holes in the work done by firms who long ago decided they have no further need of their services as employees.