I read a letter from Nick Bamford in the October 22 edition of Money Marketing. Nick, who admits to being 50-plus, says he is dead against any form of grandfathering to comply with the retail distribution review qualifications.
I wonder if he would have taken the same view if he were my age, that is, nearer 70 than 60, I regret to admit.
If the intention of the RDR qualifications was to get rid of some of the older advisers, then success is guaranteed.
Nick fails to understand that as one gets older but still with a desire to serve your clients, the tendency is to maybe switch to a more sedate schedule such as working part-time instead of packing up completely.
This way, the clients still benefit from the service they have enjoyed for 40-odd years but my brain keeps working, albeit more sedately.
Nick, I hope that when you get to my age, like me and many others in our age group, you might want to work fewer hours and the last thing you will want to be doing is studying to pass exams.
Really, Nick, who wants to be still doing exams at our age? If your suggestion were taken up, half the time would be spent working but the rest of the time would be spent studying. Now where is the fun in that?
OK, we can’t stop change but why drive out senior members of the industry by forcing unreasonable demands on them? It is not just a simple matter of time and effort.
Barry Johnson Financial Services