Towry judgement: a case for good PR?
Case provides timely reminder that many IFAs have good client relationships and offer a reliable service.
In all the drama surrounding the Towry judgement, and the fact that the judge, Dame Laura Cox came down in favour of the former Edward Jones advisers, there has been a refreshing angle to it.
It is often difficult persuading the general public to set up a relationship with a financial adviser, in the view that few of them understand what they really do and what benefits they can glean.
However, in her judgement, Dame Laura outlined her perception of the relationship the Edward Jones advisers had with their clients, which would make any intermediary proud.
She noted that: “the identity of their financial adviser and the trust and loyalty towards someone with whom they had a close, personal and professional relationship was of paramount importance to many Edward Jones clients.”
Perhaps this is one of the most important messages to get across. As the FSA keeps beating up the small IFA firms, and highlighting how poorly some of them behave, it is worth remembering that many do have good relationships with their clients, offer a reliable service and genuinely care about doing the best by them.
Maybe the FSA should take this on board, as the beleagured IFA sector tries to find a way to survive, and ensure many people, of varying assets, have access to financial advice.