You buy a car from someone who claims to be a qualified mechanic but isn’t. The breaks fail and it crashes. Would you expect to be compensated by other, proper mechanics? If a supposed master builder builds you an extension which falls down, and you find he actually rides a horse and wears a 10-gallon hat, would you expect all the other builders in the country to club together and rebuild it for you? I think not. But if someone who’s not a financial adviser advises you to buy something dodgy, that’s exactly, it seems, what those of us who actually are financial advisers will have to do.
“Letter of authority: Why now is the right time for change”
This may sound like a non-issue from outside the world-of-financial-advice bubble. It is the bain, however, of the daily working lives of many of us, particularly of those paid by we advisers to do the dirty work of dealing with the many providers with whom we have to work.