It seems that the IFA sector is finally becoming aware of the need to provide value to clients in a far more obvious way and in turn, it is just possible that these clients might then pay for the advice they receive!
The problem, however, is that the adviser often doesn’t realise the extent of the value he/she provides to the client and is therefore unable to equate this with the cost of advice. A good example of this would be a firm that I have been working with in the North-West of England. This one-adviser practice has a history of dealing with many wealthy clients and charging in an ad hoc fashion: the most memorable occasion being when advising a landowner on a business deal, which netted the client a profit of over one million pounds, the adviser decided to charge nothing at all! After I had c...
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