Tim Sargisson: Financial advisers feel the chill of Schumpeter's gale

My blog last month was titled Coronavirus will change the advice profession forever. The idea being that firms in the strongest place before this crisis and who continue to support their clients over the next few weeks will be best placed to get through this. However, it's a rubbish idea to blame all the woes of financial advisers on Covid-19. It was Joseph Schumpeter who popularised the concept of ‘creative destruction' and used the phrase ‘gale of Creative Destruction' with the concept sometimes known as Schumpeter's Gale. Free-market economists have seen creative destruction as a n...