“The initial fee, be they contingent or not, are often insignificant compared with the long-term fees an advisory firm might earn from someone if they transfer out of a final salary scheme.
“That’s the biggest and most obvious one.
“Who wants to give a recommendation to transfer or not transfer out, knowing they will never speak to the client gain?
“All that firms can do is build their process and incentives to try and mitigate that bias. It’s never going to go.”
ima.jacksonobot@ft.com
