Why you should never abandon small investors

For several years, since the advent of platforms, a body of industry consultants has been recommending UK advisers get rid of their smaller clients. The reason underpinning this is smaller clients are supposedly a drain on time and resources and that an adviser’s efforts should be focused on those clients whose assets are sufficiently sizeable and whose capacity to pay are sufficient to justify the adviser’s time. Recently, I met an otherwise competent and qualified adviser who had retained 30 of his best clients ‘gifting’ a legacy client bank of nearly 5,000 clients to another firm. ...