If you want to improve reputation, you need to do reputable things and make sure that your reputation is not owned by someone else who can dictate what people should think of you. That is the philosophy which lies behind the case for a professional body for financial advisers and planners, which I set out last month.
To the extent that you do disreputable things, the likelihood of someone other than yourself becoming recognised as the authoritative spokesman on your reputation grows. For example, if you mis-sell or churn to the detriment of clients, you can expect the FSA or the press to have something to say on the subject – and their comments will be recognised as true. So the case for a professional body, and setting it up, are only the first steps. The crucial test will be what it does to earn more respect. What I plan to do over the next few months is to look at some of the principal step c...
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