‘Just when bankers’ reputations have started to recover’ might be something of an exaggeration. The image of fat cats and their traders earning big bonuses while crashing the economy still endures and has been given further life and legs by the NatWest chairman’s ultimate out-of-touch-with-the-real-world comments. ‘You’ve always had to save to get a mortgage’ he says, and it’s no different now. Afraid it is, as house prices have risen 160% while in the same period incomes are up only 23%, meaning the multiples and deposits required are comparatively huge. I’d also contend that a big proportion of those first-time buyer deposits come from parents’ rather than their childrens’ savings. Retirement looms, I suspect, for Sir Howard, but I think we can be confident that both he and his family will struggle by.
“Advisers overlooking younger clients over asset value bias”
I’m not sure why this should be a surprise to anyone. Yes, economic realities mean that advisers must, effectively focus on those who already have money, rather than those building, or hoping to build their savings.
