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Thursday 17 November 2011

Let's play the blame game

We have a blame culture in the UK, and all around the world. So who is to blame for financial advisers having a bad reputation and that know one trusts them?

Well let's start with the industry - certainly in the 80's and 90's it was all about selling a product and taking bucket loads of cash, driving flash cars and happy days. But over the last ten years this has changed to more professional businesses and certainly the outlook is very positive.

So if not the industry who - well I think part of the blame lies with the amount of people involved. We have the government, Europe, FSA, ABI and the list continues as well as trade bodies (and there are hundreds of them) but no one central voice. The problem is that organisations like the ABI seem stuck in the eighties with the thought that a financial adviser sells products and have no idea that with the changes in 2013 that people seeking advice don't have to pay for advice with cash. Oh and of course the journalists, if fact anyone you can think off!

So enough of a rant today - the blame lies with everybody. But it needs to come from the top. The top needs to explain why you need a financial adviser and what the alternatives are. Journalists can also play an active role and should do.

What I want to do is unwrap how I think the market will look, why you might go to a financial adviser and finally why you might do it yourself.

I would love to hear what people think, not just in the UK but also around the world.

Follow me on Twitter so please spread the word and lets change the world.

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