What are the modern myths of
financial planning? That was the deceptively simple question I set the New
Model Adviser® team when we decided to celebrate our Great Advice Great
Profession initiative with a special series of articles.
To do so we have performed an
exclusive analysis of the FCA's register data filed a freedom of information
requests pored through regulatory reports and dragged in a host of
experts from the advice world into our offices for exclusive
interviews and roundtable debates.
As you will see, there are
connections between the topics. Our look at the cost of running an advice
business is intrinsically connected to the topic of fees. That, in turn, connects
to our piece on small and new advice businesses, and the myth that the
consolidators are dominating.
We begin each section with a
statement we think best represents received wisdom. There is a great plurality
of opinion knocking around; pick any debate and you will find competing points
of view. So I will flag one caveat right now. Some readers may react with the
words ‘I didn’t think that anyway’.
Take our myth about diversity: ‘the
next-gen will make advice more diverse’. Why did we choose that as a title?
Well, sheer anecdotal experience. Speaking to planners about this issue over
the years, certain ideas have been repeated to us.
Or take the myth: ‘advisers are
turning to passives’. Simply put, comparing the mixed portfolios of our cover
stars (see below) with some of the all-or-nothing statements we read on the
message boards, it seemed worth (yet another) look.
And finally, no special project on
the state of play in financial advice would be complete without an update on
how advisers are helping clients to invest their money ethically. There are
some real teething pains there, but we hope our mini-profiles of ethical
champions will promote best practices and encourage debate in this area too.
Enjoy!
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