Since when was it decided that I work for free?

clock

Coming into financial services through a life office "sales force" put me in front of managers whose mantra was "see the people, see the people, see the people". Not knowing any better that's what I did, and every so often I was rewarded with a client where I would earn a large commission.

So large it paid for the time wasted mining the dross that I had cajoled into making (and keeping) an appointment, except that it wasn’t wasted time because every “no” took you closer to a “yes”, or so the mantra goes. I guess this business model is still prevalent otherwise why else would bond commissions still hover around the 7% level? This idea of enticing people across the threshold with something for nothing, a free financial health check for example, is a flawed model, it always was and actually does more harm than good. “See the people” is so engrained in our psyche that I find m...

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

Bank of England cuts interest rates to 4.25%

Bank of England cuts interest rates to 4.25%

NICs rise and Trump-imposed tariffs

Sorin Dojan
clock 08 May 2025 • 1 min read
Rathbones FUMA falls 4.7% as Investec Wealth merger approaches completion

Rathbones FUMA falls 4.7% as Investec Wealth merger approaches completion

‘Reflected market volatility’

Eve Maddock-Jones
clock 08 May 2025 • 1 min read
Scottish Widows platform adds psychometric testing tool

Scottish Widows platform adds psychometric testing tool

To help advisers better understand clients’ ‘financial personality’

Sahar Nazir
clock 08 May 2025 • 2 min read