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.
“Worry for profession as young adviser numbers plummet”
There are around 31,000 advisers currently authorised by the FCA to give advice. Of these only around 6% are under 30 and 84% of all advisers are male. There are 209,000 solicitors, 7,000 young ones enter the profession each year and 52% of all solicitors are now female.
