“Letter of authority ‘major stumbling block’ for advisers – research”

Jun 10, 2021 | Financial Services

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.

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“‘Millennial clients require a different style of advice'”

“‘Millennial clients require a different style of advice'”

Don’t we all love to pigeonhole, about as much as we hate to be pigeonholed. It’s fair to say  that the majority of financial advisers’ clients fit in the ‘Boomer’ hole, those born between 1946 and 1964, with an increasing number of 1965 to 1980 Ten X-ers, who are either at-retirement or reaching the age when it’s suddenly imminent.