As a financial services trainer helping prospective advisers passes their professional qualifications I am beginning to wonder why we even bother with exams, everything would seem to be becoming pre-set and robotic.
Now it is all about model portfolios, vertically integrated platforms (what on earth is that?), transfer analysis and robo-advice. When did we stop giving advice for the safety net of computer programmes and when will the public realise that all we seem to be doing is putting information in to a computer and then charging high fees for the privilege of having it retyped?
Earlier this year I tried to transfer my own DB pension but despite teaching financial advisers and with over 40 years experience in the industry I am no longer authorised and had to take “advice”. The advice was in effect a tax as I had no choice and the advice was not to transfer; apparently it would be difficult to produce an income to beat a guaranteed income of less than 1 per cent a year.
I recently had the transfer value recalculated to find that the value had actually decreased over the year. If this is what financial advisers are to become, then I am very grateful that I am at the end of my career.