Tuesday, February 21st, 2012
‘No Adviser Wants To Say He Can’t Help’ – But Honesty Is The Best Policy
There has been a lot of debate since the government first announced plans to develop ‘Simple Financial Products’ as part of an initiative to encourage consumers to take more responsibility for their finances.
The proposed products, including deposit savings and basic life insurance, are intended to provide consumers with a benchmark to which they might easily compare other financial products on the market.
With so much discussion surrounding these financial products, see last week’s Independent Financial Adviser online article, it’s important to recognise that there is much more to what we do as a financial planning firm than simply looking at products for our clients.
At Jessop Financial Planning, before we even start thinking about which products to recommend to a client, we firstly consider what their plans and goals are by taking the time to get to know them and make sure that our relationship will work over the long term. Products are the tools with which the plan is achieved, but it is the plan that leads to the products and not the other way around.
Although we agree with the headline, ‘No adviser wants to say he can’t help’ (quoting Dennis Hall, Managing Director at Yellowtail Financial Planning), after all, we do work in a personal business with clients investing a lot of trust in us – there is sometimes the risk of causing more harm than good. By trying to help, advisers might stray into areas in which they are not experts – causing damage to their business and clients. It is our policy to be honest – if there are areas where we are not expert we will try to refer them to someone who is.< Back