Genuine issues of hardship do occur: the withdrawal to pay for the important purchase that falls through because it is poorly handled, or the relied-upon income distribution that fails to turn up. But in the main, you do a remarkable job in insulating clients from the slings and arrows of outrageous replatformings.
So if you are facing down a potentially difficult bit of corporate activity, what should you do?
The first thing is not to do anything hasty. Right now we have a full postbag from concerned businesses wondering if they should cut and run from affected platforms.
Our answer is consistent: no one knows anything yet and until you do, the recommendation you gave last year is still suitable. If you want to find another venue, that is perfectly fine, but you need to run to something, not just from something. Apart from anything else, your suitability documentation requirements will demand it.
Probably the only truly coherent way through all of this is to turn 180 degrees and look at it through your clients’ eyes. I think if they were here, they would say that what they want is a safe home for their money, and for you to be able to get them where they need to be. Beyond that, they trust you to do the right thing.
Clients, and you, deserve stability, great administration, a decent price and a provider that gives a damn.
Instability is always undesirable, but only you are in a position to say whether the cost of that instability to your business is worth uprooting your clients. No one said it would be easy.
Mark Polson is founder of the Lang Cat