Clients are scrutinizing even the most basic investment recommendations of their IFA as trust wavers following the collapse of Lehman Brothers, advisers say.
A year on from the demise of the US investment giant, advisers say client inquisitiveness, particularly of structured investments, has now reached a stage unheard of 18 months ago.
"Clients are much more aware now, with counterparties a real worry," Colin Jackson, director at execution-only Baronworth Investment Services, says.
"In the old days - I'm talking a year ago - we didn't have to worry about that. We dealt with Barclays or whoever and felt safe doing so, as did the clients. Now they ask a lot of questions."
Keith Iles, director at The JHC Partnership, adds: "Attitudes are different now. Back in September we were heavily in cash and sitting quite smugly if I'm honest.
"But before we knew it, customers were taking us to task even on cash. I took no end of calls. Some clients know what to ask, others don't but ask anyway."
In June, the FSA broadened the scope of the RDR beyond packaged products and its rules will now also apply to structured products, unregulated collective investment schemes and investment trusts.
This has not, however, encouraged skeptical advisers structured product offer a good and profitable home for their clients' money.
"As far as I'm concerned, the culture of structured products involves someone trying to flog something rather than actually advising the client," Iles adds.
"Demand always comes after a crash when investors want a safety net, but they are buying these products at a time when they don't need them, at a time when markets are likely to rise again. My advice is: don't be in there in the first place."
David Hedge, a director at Devon-based IFA Hedgelands Financial Services, adds: "The truth is if investors want a guarantee on their money, they shouldn't be investing it in the first place because they are clearly not prepared to take the necessary risk."
According to Hedge, the collapse of Lehman Brothers has again highlighted a flaw in the regulation of financial services.
He says the problems could have been avoided if the FSA regulated products before they come to market, rather than take retrospective action once the damage has been done.
"The FSA simply must take some of the responsibility for what has happened," he says. "It should be looking at the design of these products up front and it has the resources to do so."
But Baronworth's Jackson thinks it is unlikely the regulator will change its processes: "It will never approve of products before they come to market because then it will be liable for anything that goes wrong," he says.
"Even now, the FSA doesn't actually approve anything. It might say it can't find anything wrong with a particular product or some literature, but it never actually approves it."
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