Some of my best friends are advisers…

I like advisers, I have one. However, I’ve been learning a bit about this d2c business as well. Disclaimer here. I’m doing some work with Fidelity in this space.

Without my adviser I wouldn’t have the right cover, I wouldn’t have a view of a plan, how far off I am. I’d probably not have chatted about stuff that’s important, relative priorities, not just financially. So I value my adviser. He’s also a damn fine bloke, check him out at @rolandwdoliver.

However, I’d also like to play with some money, invest it in different things, not on my long term plan. Now I’ve got my plan, I’d be quite happy not paying my adviser. I should point out Roland and I had a great chat about fees and he was very sensible about charges. But do I need the ongoing management? I’d be happy to pay fees when I need another plan, or my plan changes.

I’d like to have a platform that lets me have advised money and d2c money. To me it’s just money. Some stuff I need help with some stuff I don’t. I want my adviser to see stuff when the time is right. I’m happy both my adviser and my platform provider market stuff to me. I don’t see myself as a possession of one or the other.

But rules around this stuff are hard. Not just regulator rules, but platform rules or adviser rules. Different charges based on channel, different communications based on channel. Some platforms wouldn’t let me transact on my own money if I started as an advised client. Some advisers only want me if I fully commit to their service proposition.

It’s not how I think, be interested to hear views on how you think.

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4 thoughts on “Some of my best friends are advisers…

  • Hi
    I dont think you are alone in your thoughts and I have clients who have expressed similar feelings. We are perhaps victims of a market that tries to kept trains on tracks, with offerings geared to advisers more than clients or atleast the perception of what clients want and will continue to want in the future.
    Product providers want advisers to be tied in to them to give them longevity and that will often mean the client is either directly or indirectly tied in too.
    As a client myself, I like the idea of keeping some things back, bits to “play with” – my personal views may well differ from my advisers who may well be more reserved due to regulatory expectation. I choose whether to take the advice or ignore it but I am usually happy to pay for it as I know it has my interests at heart.
    You have a good adviser in place – many people dont have – so agree your terms of engagement and accept that ongoing management might not just relate to funds under management or administration but also intelligent foresight of industry development or tax changes that might affect what you already have and what you might be considering even if you have chosen not to tell your adviser about it.

    Reply
  • Andy, think you are right about providers. The challenge though is often they find themselves conflicted by channels, and how they work with advisers to help them facilitate this. Many I know want to do this, but are nervous about the fallout.

    I still think the debate about multi-channel clients lacks maturity, it will come, because a lot of customers will demand it.

    As for me, you are right I do have good adviser, we are working well together, but it’s interesting that I’m likely to move platform providers, with adviser, as a result of this post.

    Reply
  • Hi guys,

    Interesting that you both say that you have a good adviser .

    Without giving away personalities can you say what you think makes your adviser a ” good ” one – using words that would make up a referral to a work colleague or a relative..

    My interest stems from our own desire to create a business process which was readily understood and easily communicated for referral purposes. You can see our attempt on our website.

    Cheers.

    Reply
    • Hi Phil, well the main thing is Roland takes time to understand me and what’s important. First 2 meetings I was itching to chat about money. He wasn’t. Took his time, understood what was important, helped me focus on the right things. Then we got on with financial planning and ensuring I protect what I have today and sensibly Plan for tomorrow.

      Not sure it’s that concise. Or helpful. We simply connected. I’d be really happy to chat about it.

      Dave.

      Reply

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