James Coney  

Asset managers need to change the record

James Coney

James Coney

The tone has been that the lead generation service just was not worth the money.

As an experiment, and in order to get the full picture, I decided to ask Twitter: ‘Hey financial advisers, what’s the problem with Unbiased?’

The silence was deafening.I received a few replies from advice companies who had found it helpful, but not a single adviser was willing to say specifically what their grumble is.

There are several explanations for this. The first is that my Tweet got lost. That is possible, but given how many financial advisers usually leap on every word I type, I think it is unlikely.

The second is that somehow companies are scared about criticising Unbiased. Again, I do not believe it.

And the third is that Unbiased is one of those services advisers love to moan about because they generally do not like it, but that when it comes to specifics, they just cannot put their finger on what it is they do not like. It is a necessary evil, if you will.

This I am more inclined to believe. If you want to let me know otherwise, do get in touch.

Choppy waters

When is a smoothed fund not a smoothed fund? When it is the Prufund.

I have had a series of letters from people who are annoyed that the Prufund Cautious fund was chopped by 9 per cent during the market downturn.

It is not that they were disappointed by the performance, but they claimed they had no idea it could happen. When you have an investment, you should not have nasty surprises.

Uh-oh.

James Coney is money editor of The Times and The Sunday Times