I was interested to read the results of the survey concerning the payment of fees to financial advisers for advice.
So what's new? Every adviser has known for years that the general public will not pay fees but why is this?
Commission has been the method of remuneration for so long that the public does not perceive it as paying for advice – unlike its dealings with lawyers and other professionals.
This problem should have been addressed years ago but from the Nasdim days onwards successive regulators have failed to grasp the situation. Now advisers have CP121 -and what a farce it is.
I believe that most fault lies with the “profession” itself. Advisers are told that they must be professional and take a myriad of exams. Yet they, product providers and the financial press still refer to the “insurance industry”.
I firmly believe that there is only one branch of the industry that is “professional” – and that is IFAs.
In most cases, tied advisers – and particularly those working for banks and building societies – are dressed up direct salespeople.
So come on you others, think of yourselves as belonging to a profession.
Barry L White