MAM Funds managing director Gervais Williams has contacted advisers following an article in The Sunday Times where he was quoted describing financial advice as ‘expensive’.
“I struggle to understand the huge amount of verbiage that comes from some financial advisers. They are expensive and you just want to make some money without losing your shirt along the way,” it reads.
Williams (pictured) explained in an email to advisers that his point was one borne of specific personal experience and was neither stated nor intended as a generalised comment on the market or advisers.
He says that he relayed a story regarding a pension situation many years ago at Gartmore as it moved from a defined benefit to a defined contribution scheme.
In the email, Williams says: “My one experience was then presented as my view of the entire industry, which is not true.”
The original comments have drawn surprise from a number of advisers.