I'm sure I'm not alone in thinking what a crazy few weeks it's been! Some commentators have argued the recent rollercoaster ride in financial markets has been a long time coming, whilst others are busy speculating the end is in sight.
Whatever camp you are in, one thing is for certain- the events we have witnessed are unprecedented.
Quite how this financial tale will unfold is truly anyone's guess - I am certainly no financial expert and would not profess to have an insightful view of the medium term outcome but I am inherently suspicious of any plan that manages to wipe out 20 years of a society's excessive behaviour in one afternoon.
My sense is that we are at (or beyond) an economic crossroads and there will not be a quick fix despite the hurried efforts of some key decision/policy makers.
Whilst the market uncertainty rumbles on and politicians deliberate over whether to stay on the campaign trail or jump off, I doubt there is anyone out there who still believes financial markets are over-regulated.
We constantly hear banks and insurance companies complaining that their capital requirements are too onerous and that regulation is stifling product design.
I take the passionate view that sectors end up with the regulators they deserve and the best regulators are those with a full appreciation of their sector and what goes on under the skin.
The only allegation that can be levied against the financial regulators at this time is they didn’t appreciate the full scale of the positions that had been established. They certainly cannot be accused of over-regulation that is for sure.
That said, from the Nucleus perspective, all this volatility just throws up opportunity. Never can there have been a better opportunity for high quality IFAs to consolidate client positions on one platform and set about delivering a more aligned and professional long-term service proposition for clients.
It may just be that the credit crunch is the tipping point for professionalising the UK advisory market; while I appreciate this may be small comfort to the masses, it would be a welcome side effect for those of us interested in developing a market that puts the client centre stage. Bring it on, I say!
David Ferguson is chief executive at Nucleus Financial.
The views expressed in this article are those of its author and do not necessarily represent those of the company he represents, IFAonline or any other Incisive Media affiliated organisation.IFAonline
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