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Compliance tip of the week: Needs and wishes are not the same

Keep in mind that you are an adviser, not a salesman.

Your job is to meet your customers’ needs, wishes and aspirations. 

Needs and wishes are not the same and if you cannot reconcile them, you cannot make sensible recommendations. 

Sometimes, you have to advise customers to do what they do not want to do.

There have been several FOS cases where the adviser complains of an adverse outcome as the customer wanted a particular fund or investment and now the FOS says it was unsuitable for his or her circumstances. It is right. You had to recommend something sensible or nothing.

Adam Samuel is an independent compliance consultant



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Sierra Leone cover image - thumbnail

White paper — Sierra Leone International Insights

Jelf Employee Benefits assesses the areas that employers should be aware of when considering operating in Sierra Leone, including healthcare access, delivery and insurance provisions. This report draws on various sources to highlight specific considerations for this emerging jewel in West Africa.


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