Should advisers fear being black listed?

Solomons-financial-advisor-wimbledon-blogger

Should advisers fear being black listed?

There are numerous benefits of social media. One is the ability of peers in any field to discuss topics and share ideas. Sadly this comes with the inevitable double-edged sword of whether to post under your real name or a pseudonym… or “nom de plume”. This I assume is connected to a fear of being black listed.

Of course there’s a lot to disagree about, and it appears that many will take considerable time to vent and click send. Not always a great choice, I’ve been guilty of it myself. There is a general perception, whether explicit or implied that somehow anything critical of those in power will result in some form of retribution. Hence many publish comments under false names for fear of being “black listed”.

Invariably the problem within my own sector is that of fear of the regulator. Of course on the one hand I think this is quite a good thing, advisers ought to be “afraid” of the regulator. That would really mean that they are surely there to keep people on the “straight and narrow”. So I welcome good, strong regulation – it’s in my interests (and yours). The hope is that strong regulation reduces the potential for people to be ripped off.

A critical voice brings change

On occasion, of course some criticism of the regulator is entirely appropriate (after all is anyone or any organisation perfect?). It is this that advisers fear (good ones too). The concern is rather obvious – raising a critical voice may be met with a sudden barrage of requests for information, which can prove time consuming and frankly unnecessary. I take the view that the regulator needs to be held to account and publish under my name. Frankly it is rare that I am critical of them – my main gripe is invariably a difference of approach to the way investors who have suffered scams or mis-selling are compensated following advice from “bad” advisers.

At present, the system is such that “bad” advisers rip off investors. The product, fund, adviser and their PI cover all fail and the remaining “good” advisers pay the compensation. By remaining, I really do mean a diminishing number. At one point there were about 250,000 “financial advisers” today there are about 22,000. Most advisers pass this cost onto their clients. To date, I haven’t despite a 30-day demand for payment increasing by 67% in 2015 on top of a 69% increase in the previous year! Hard to explain and pass on such fee rises in a period of virtually no inflation!

I don’t think I’m being too radical or inflammatory in my industry comments. This isn’t the 1950’s, McCarthyism has not returned (as far as I can tell). On which note, there is a very good new film out called Trumbo – the true story of a man that was blacklisted by some very unsavoury people in Hollywood. Trumbo was forced to write under a pseudonym to allow him to earn a living and he wasn’t ripping anyone off. I’m not so sure that advisers publishing under pseudonyms is really the same thing at all. I wish I had the creative writing skills of Trumbo! I only stand with him in the sense of being free to write or speak without fear of reprisal.

Oh, and you are welcome to check out my industry comments online at places like New Model Adviser, Financial Adviser, Professional Adviser.. but they are pretty dull and aimed at advisers.

Here is the trailer for Trumbo, you may recognise Bryan Cranston (who plays Walter White in Breaking Bad) and Helen Mirren has a small role, but has you piping venom… well it did for me. It has only just been released here in the UK… its one of the few films that I gave 10/10… but of course I may have been influenced by issues raised here!

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Should advisers fear being black listed?Dominic2023-12-01T12:19:27+00:00

Short-Listed for 2016 Professional Adviser Awards

Short-listed for 2016 Professional Adviser Awards

I am delighted to report that we have been short-listed again in the category of “Firm of the Year for London” for the Professional Adviser Awards 2016. We now have a hat-trick of finalist appearances for the Professional Adviser awards. Like most award ceremonies, we don’t find out who wins until the winner is announced, but frankly for a firm of our size, I am honoured to be short-listed.

It’s usually a good evening out, mixing with some of the top firms in the UK. One of the most unexpected pleasures about my work is the relationships with other advisers. Many of us share best pratice ideas at a level that is rare in most fields… admittedly we all have a vested interest, we all want to do our best for our clients and we also appreciate that it is in everyone’s interest to have a better educated, better advised, better serviced UK market, leading to more people being financially independent and less reliant upon the State. Better advice means fewer complaints and reduced need for redress and hopefully lower regulatory fees.

The ceremony takes place on 11th February 2016.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Short-Listed for 2016 Professional Adviser AwardsDominic2023-12-01T12:19:48+00:00

Professional Adviser Awards 2015

Last week I attended the Professional Adviser Awards held in London a stone’s throw from the Barbican. We had been short-listed, for the second time in succession for “Firm of the Year” for London. Given our size it is highly unlikely that we will ever win when competing with much larger firms in the financial capital, frankly it is a a bit of a coup that we get short-listed. However on the back of our submitted work and the judges having a look at the firm I’m delighted to say that whilst we didn’t win, we were a close second with a “highly commended”.

Those that know me will appreciate that I am constantly seeking ways to improve what we do for our clients. I am all too aware of short-comings and work hard to reduce or remove them wherever possible. So not winning, in this instance, feels absolutely right and yet still highly satisfying.

As it is awards season, it is customary to thank various people. So I would like to thank our clients, the staff, those within the industry that have assisted us to provide a great service, various peers that inspire and encourage me, friends and family that have been hugely supportive over the years and my wife and daughters for their support and understanding.

So in the spirit of improvement…. I’m more than willing to listen to ways that we can convey concepts to clients, produce easy to understand high quality material and promote independent financial advice within a proper financial planning context. Please get in touch if you have suggestions about how we may improve.

Dominic Thomas

Professional Adviser Awards 2015Dominic2023-12-01T12:39:59+00:00

Short-listed as “Firm of the Year” for London

I have to admit to being somewhat chuffed and a bit taken aback. I learned this morning that the firm made it to the last 8 short-list for the Professional Adviser awards 2014 for “Firm of the Year” for London. These were actually announced yesterday. I doubt I will make it to top of the list – the competition is rather good, with firms that are frequent award winners and quite a lot bigger. I do not even know how many firms entered –but as they say, “you’ve got to be in it to win it”. I had to submit a case study and then information about the firm and how we do what we do. It really is a long-shot and minnow versus the rest. Whatever the outcome, I’m really chuffed for me and the team here. We don’t find out who wins until a glitzy event in February. Whatever the result, it’s nice recognition… as a first-time entrant, perhaps I should enter a few more.

Building Reputation

Anyway, I hope that for our clients it’s a bit of good news (that they are being served by a decent firm). Of course you can also add your own testimonials to a system firms cannot control (Vouched For). This is a completely impartial way for clients to put a few comments down about us. The blue icon is in a couple of places on this page if you wish to do so. Obviously if you aren’t a client… well do these things make any difference to you when considering who to meet? As a small business clearly I want to attract the right clients, most are recommended by existing clients, but some manage to find us on the web, so if you have any bright ideas of how we can make our difference clearer and why our clients give us good feedback, do let me know.

Dominic Thomas: Solomons IFA

Short-listed as “Firm of the Year” for LondonDominic2023-12-01T12:38:40+00:00