Most financial advice firms are like us, small, with at most just 3 or 4 advisers. Some, however, have many hundreds, and these big boys are constantly trying to recruit or buy we littl’uns. The theory is that we won’t have to worry about running our business and can get on with seeing clients; and that economies of scale will bring down costs. Plus, of course, it should make regulation easier for the FCA. The reality is that no-one benefits, except for those who may make a fortune if they float their giant company before the proverbial hits the proverbial. Costs for clients don’t reduce, big company red tape takes still more of the hapless adviser’s time and the regulator has a regulatory field day. Was letting the banks get bigger through acquisition a good idea? I think not. QED.
“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.
