When transparency is worthless

Calls for greater transparency are ten a penny these days and, on the face of it, hard to argue with. Who wouldn’t want greater transparency? Whilst I think it will help, I’m not convinced that it is really more than a tool to achieve an objective we’ve lost sight of. The objective is probably one of two things: understanding or trust. Some clients need to understand what the hell is going on before they are prepared to commit to their financial future, others just want to be able to trust their adviser without worrying about understanding it all. Good advisers achieve this already. ...