Many clients come to us with an array of pensions and investments, of which they hope we can make sense. We ask them to sign letters of authority so that we can get the necessary info. That’s when the problems and the waiting start. The ‘graveyard’ companies, Reassure and Phoenix, homes to dead insurance and pension companies, we kind of expect to be bad, as they have no interest in getting new business from us. No excuse, though, from still-trading giants. To name and shame, the Pru, quoted turnaround times 30 days, in reality often 90; many parts of the sprawling Aviva, 40 minute hold times, and the music is rubbish; and fallen stars Zurich. We don’t charge by the hour, but if we did, you’d know who to blame.
“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.