Richard Howells: Culling clients may spark compensation fight

clock

Advisers who segment their client banks and cull those deemed unprofitable to the business ahead of the RDR may be opening themselves up to more compensation claims, according to Zurich's Richard Howells.

Zurich UK Life's intermediary sales director said many of the "so-called consultants" active in the market were wrong to encourage such drastic measures, potentially leaving disgruntled ex-clients. "You will just leave yourselves open to these ambulance chasers, who are keen to apply a retrospective view," he said. "With hindsight it is easy to pick holes in past investments so it would be a short term view to look at ditching clients." He added the "vast majority" if IFAs were not able to rely on a handful of "mythical multi-millionaires" to keep them going and would need to keep ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA Awards 2026: Adviser category shortlists revealed!

PA Awards 2026: Adviser category shortlists revealed!

Championing the industry's best

Professional Adviser
clock 18 November 2025 • 3 min read
Titan Wealth builds Welsh presence with Thomas Carroll IFA acquisition

Titan Wealth builds Welsh presence with Thomas Carroll IFA acquisition

Thomas Carroll IFA is based in Caerphilly

Sahar Nazir
clock 18 November 2025 • 2 min read
The Openwork Partnership hires former Royal London exec as Omnis Investments CEO

The Openwork Partnership hires former Royal London exec as Omnis Investments CEO

Mehdi Kadhim joins

Sahar Nazir
clock 18 November 2025 • 2 min read