Ken Davy is a bit of a legend in the financial advisory world (yes, we have them too). He came up with the idea of providing admin and compliance services to networks of individual advisers, economies of scale, they can all get on with what they’re good at etc. As he came to realise, in any mixed ability group anywhere it’s the lowest common denominators, not the shining examples, who set the standard; and the inevitable bad apples ruin everything for everyone. ‘You’ve let me down, you’ve let the school down, but most of all…’
“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.