More experience needed
Regarding the rallying cry from Scott Stevens about the need for there to be more training for advisers (September 2): Firstly, may I completely agree with the need to train new advisers.
However, I found the article most concerning.
Specifically the inference in the article that you can take a person off the streets and turn them in to an independent financial adviser in three months, which is what Quilter does.
The article referred to a diploma, but implied as soon as you have a diploma you are fit to advise.
Personally I would not let someone in front of a client without a diploma plus a minimum of two years working within the industry and having had extensive supervision and product training.
We are a profession, and to imply that a greenhorn is fit to advise three months after entering the industry is regrettable.
Bringing in female talent
With female advisers representing less than 16 per cent of the adviser population, according to Cerulli Associates, I feel it is time for more females to be targeted and recruited.
Having been an adviser for nearly 30 years myself, it has been a brilliant career for me, bringing rewards such as combining work with family and time flexibilities, but most importantly the satisfaction of helping people make decisions about their money.
I personally feel the needs of vulnerable clients and their families is a particular area where female advisers can bring another caring dimension to the advice and support they offer.
Vulnerability is far further reaching that the elderly and disabled: one-in-seven people have the literacy skills of an 11-year-old, with one-in-three having the numeracy skills of the same age. There are a huge number of clients/potential clients out there who would benefit massively from financial advice but are afraid to seek it due to a wide number of reasons – including who to trust.
Scams going strong
I feel very sorry for people who have lost money to scammers, but the amateurish antics of the Financial Conduct Authority will never fully eradicate the ruthless expertise of professional scammers.
The FCA is always busy trying to find fault with the very largely honest IFA community which tries to keep pace with FCA rules and provide a good client outcomes.
Regulators have an appalling reputation for preventing large scale fraud by organisations and individuals who do not give a stuff about such things; hit and run and let others pick up the cost of reparations.
Scammers succeed by playing to people’s greed, overriding common sense and caution.
The only way to beat scammers is to educate people about the difference between regulated and unregulated products and also not to be too trusting just because the set up is impressive.