Credit where it is due: I must thank Asda, Burger King, the FSA and the late great Frank Sinatra for our new retirement planning proposition.
Why Asda and BK? Well I guess it is because for me they represent the opposite ends of retail "attitude" to customer service. I have stopped shopping there now though at the age of 47 because Asda clearly has a policy of narrowing down customer choice. I am now allowed to buy the sauce of Asda's choosing for my favourite Italian dish. The "buy what we tell you" message comes across loud and clear, but as it is my money I will go in future to a supermarket that sells me what I want to buy.
BK on the other hand is the absolute opposite. I have patronised BK for many years as my waistline will testify and I do not plan on stopping anytime soon. Yes, it has great food - for a fast-food outlet - but what I really like is their motto 'have it your way', because when I am paying, that is exactly how I want to have it.
The FSA of course we have to thank for the RDR. Need I say more? And Frank Sinatra, as you have probably guessed, along with BK, was the inspiration for what has become our 'my way' pension proposition.
Unlike the 'new model' I continually hear being advocated, it does not necessarily require clients to pay fees year in year out, though if they want a certain level of service they can. It is RDR-compliant and the worst the RDR can do will be to deprive some consumers of some choice. It makes sure we are paid a fair rate for the job. Best of all though, it gives my clients choice. Want a pure Sipp so you can trade ETFs yourself with no other advice? Can do. Stakeholder pension set up and 'lifestyled' with no further fees to pay us? No problem. Consolidate a rag-bag of old PPPs? Your wish is our command. Advice on fund selection for your employer's group personal pension plan? My pleasure. And of course, the full service of advice, implementation and review? Our speciality.
So thank you very much BK and the late chairman of the board for your positive inspiration. Of the others mentioned above the less said the better, though they did have their (negative) part to play. Thanks to all of them though, with a bit of imagination from me, my clients can have it their way. Is that not what being a "service industry" is all about?
Neil Liversidge
Managing director
West Riding Personal Financial Solutions
Castleford
West Yorkshire
