Good news for independent advisers. The more private banks and others who seek to ditch what they consider to be ’small’ clients, the better for those of us who still think £300,000 is quite a lot of money. Sanlam say they would like their ‘average portfolio size’ to be £1m; and I know many IFAs who won’t talk to anyone with less than a couple of hundred thou’ to invest. But, to quote Mr Nile Rogers (kids and or parents etc.), these are the good times. And as we’re now discovering, good times don’t last forever.
“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.
