Blog: 'A bank left my new client's finances in a mess'

A MESS

Nicola Brittain
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Philip Milton, founder of Devon-based IFA Philip Milton and Co, tells smaller advisers not to underestimate their value by comparison with expensive city accountants and investment banks.

We recently accepted a new and relatively wealthy client, a retired lawyer worth about £2.5m. He had previously been using the services of a big corporate accountant and an investment bank. We were utterly shocked at the state of his finances. We are a provincial firm of 20 based in Barnstaple, Devon, our clients are typically retired teachers worth about £40,000 and we naturally assumed that a big accountancy firm, with its minimum investment requirements, would offer superior investment management advice. Neither the accountancy firm or investment bank had even covered the basics...

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