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How Difficult is it to find a good adviser?

You would think that with the shrinking of the industry and the increase in even the basic qualifications that there would only be good to excellent advisers left in the market.

Well recently we have been trying to find a new adviser to work in our Medical Division and it is proving... testing, to say the very least.

Now it's not easy to make the grade, as in addition to the normal requirements of an adviser, we need someone that is knowledgeable and experienced in dealing with the intricacies of the NHS Pension and the difference between a senior manager, Consultant and GP, the issue is that what an adviser tells you he can do and what the evidence then proves can be a chasm apart and it got me wondering?

...By the way, for any aspiring people who spot this, there will be a job ad posted on here soon, if you feel you can offer what we need.

When I joined the industry in 1989, there were around 250,000 advisers across every part of the industry, the last figures I saw from the FSA/FCA said that in 2013 it was just over 31,000.  With all the changes to nearly every part of the industry, from Pension Reforms to the forthcoming IHT changes we have never had it so good... no really we haven't.

I feel the issue is that the days of the generalist have gone but a few have not yet grasped that, even if you decide that you are going to be a Financial Adviser, with no specialism, then you should specialise in overviewing the advice process and have others to pick up all the detailed work.  There just isn't the time, or capacity to be able to do everything for everyone and maybe that's the problem.  it isn't that there are any bad advisers, just some people trying to do too much and be all things to all clients.

I have learned this the hard way and thought I would pass on my limited wisdom and save you the pain!

Specialise for an easier, more productive and rewarding life.

Author: Laurence Brown
Posted: Tuesday, August 04, 2015 | 5:03:49 PM


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Comments

14 June 2016 | 3:12:31 PM  Graham Phillips wrote:
Hi Laurence. I have seen your article on IFALIFE. It is well worth your visiting our website www.rossmorefinance.com and give me a call on 01923 268468

Kind regards

GRAHAM PHILLIPS
Senior BDM
06 October 2015 | 12:30:23 PM  Ian Lees wrote:
The main problem for advisers is that under the Government - you now need two advisers at least a PAraplanner/Executive Administrator and an authorised adviser. You can cut out the adviser by going Direct or using qualified Direct to customer facilities ( often referred to by pretentious and/ or expensive advisers as Robo Advice ). Most clients are competent and only need a little direction. Charging for services not provided is in my opinion a swindle.
05 October 2015 | 12:25:32 PM  Ian Lees wrote:
There is now No Need for a good adviser. The Government introduced level four qualifiactions for advisers =at huge cost to their firm. Now the Government has forced Employers to become " Authorised Advisers " for Auto Enrolment ( The New Nat Ins Tax - which increases to 9% - with No Maximum ) - to give advice to their employees - if they do not wish to pay the Huge Costs to retain an " authorised Adviser".

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