To quote: “Our clients were always offered a choice…”, sorry, fundamentals. Is it right for an adviser to be offering choices? I thought the idea of approaching an IFA was for their specific advice based on circumstances.
Which brings me neatly to the second point – to then say “…but many people asked for endowment plans” – hardly an advert for independence, is it? Presumably, the commission was all rebated because one could argue this was someone acting in the capacity of an execution-only sale?
This letter does not attempt to answer the bigger question of everlasting liabilities, indefinite need for run-off, etc – that is an industry matter and in capable hands via Aifa.
My point is a simple one about the value of advice as a brand and, as important, how you give advice.
The Whitechurch Network