Hargreaves Lansdown head of research Mark Dampier has blasted Towry Law chief executive Andrew Fisher for rating qualifications over experience.
Dampier went on the attack after Fisher last week branded experienced financial advisers who do not want to undertake study for further qualifications as “frankly pathetic”.
He says: “Andrew Fisher used the analogy of seeing a doctor who was qualified rather than one who was not qualified but surely he would rather be diagnosed by one with 25 years’ experience under his belt?
“It is newly qualified bankers that have set off the sub-prime debacle that is gripping the financial world at the moment while LTCM was started up by two guys who won the Nobel prize in economics back in 1997, only to lose around $4.5bn in four months in 1998. Experience counts and we need to recognise that.”
Dampier says that while the idea of training new advisers is commendable, he would always favour an adviser with 25 years experience over someone who is better qualified but with less experience.
Fisher made his comments at last week’s Money Marketing retail distribution review round table, where he claimed that introducing a professional tier would help consumers differentiate between those who are professional and those who are not.