Are we entering the era of reverse churning?

Say the word ‘churning’ to most within our profession and you might be treated to a sermon about how this questionable practice has now been consigned to the annals of history by a new breed of reputable financial advisers. Unfortunately, churning was a particularly prevalent aspect of our marketplace and was far more commonplace throughout the 1980s and early 1990s when regulation was – shall we say – a little more lax. Back then, rogue advisers might have breached the confidence and trust of their clients by unnecessarily switching funds/changing products for no other reason than to...