One of my main motivations for becoming a financial adviser was to educate people about how restrictive the advice they receive from their bank really is.
For so long people have simply gone to their bank for financial advice as some sort of default option. Fortunately now we have many avenues where people can get easy access to much better quality advice (OK that is a shameless plug for our Investment Surgery).
Of course it comes as no surprise that has HSBC been fined £10.5 million and been ordered to compensate elderly customers (in their 80’s) for mis selling insurance bonds to the tune of £30 million. That’s just what banks do. They give poor advice, through a poor process and leave their customers floundering in the aftermath.
Today we hear that whereas 93% of financial advisers either have the necessary qualifications to be able to practice ‘post RDR’, or are on their way to being so, just 36% of advisers in banks currently hold the qualification.
This article in New Model Adviser serves to highlight well what disregard banks have for the upcoming changes that the whole industry is working so hard to fulfill so that everyone can enjoy a more professional financial adviser relationship in future.