Companies  

IFA: Going it alone has its highs and lows

“I wouldn’t mind a couple more small companies. If you go in to a company and look at business protection and shareholder protection, I can look at things for the directors and employees [as well]. They notify staff that I will be there so they can come see me with any questions.

“A couple of them I have done other things for. One of the directors likes that because she thinks it’s a good benefit. It’s only a small company of around 15 employees. Obviously it would be a big task if it was a bigger employer.

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“More of that type of thing would be good.”

RDR growing pains

Although she understands that the Retail Distribution Review could have had its benefits, from Ms Pearson’s perspective RDR has been a pain.

“I don’t honestly know, because I’m not working any different now, apart from more pieces of paper for the client to sign.

“It could have been done a lot simpler and I do think there are a lot of people that won’t be getting advice now. I haven’t had to turn clients away.

“If someone wants to start saving, how do they afford to do it because if they go to an IFA and wanted to start saving £100 per month it will cost them £500 to do it.”

She worries it could cause headaches in the future, with more processes and forms involved.

“Because I have had assistance from Bankhall it hasn’t been too bad but if you were trying to do it without any help you might struggle.

“Even the application to the FCA is a nightmare. The paperwork you have to do for it is pages and pages and it has to be done in a certain way so you need to have that information.

“Everything is so process driven and they do seem to be obsessed with process. Sometimes you think somebody could be giving bad advice and following process so it doesn’t actually help to clients I don’t think.

“There are so many things to think about. All an IFA wants to do is go and see clients and do business.”