When I first became an independent financial adviser, the M&G Recovery Fund was flying high. The theory was that, by investing in out-of-favour companies and sectors of the economy, you could buy cheap and hang on for the inevitable recovery of more than a few of those choices. The problem was that it never really recovered from the crash of ten years ago. In fact, you’d have been better off putting your money in the bank in 2010 than hanging on in there. Those that are still hanging on in there after all this time will hope that the successor to its now-departed star fund manger will aid its recovery (see what I did there?) Not many, I fear, will be holding their breath.
“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.
