The big picture – There is an advice gap and some people think the answer is robo advice
What's the problem? – Just like the exams, robo advice relies on algorithms but these can disadvantage those who are less well off
What can de done? – Looks at ways to get real people involved with the advice process.
Ali Hussain wrote a very good article in the Times newspaper on Saturday 18th July in which he highlighted the commissions paid on non-advised annuity sales
I helped Ali with this article by providing some annuity quotes and giving some comments.
The article explained how although financial advisers were banned from being paid commission in 2013, the ban did not apply to brokers who sell annuities and some types of pension drawdown without giving advice.
Investing is like farming
Much has been written about how advisers and their clients have reacted to the recent crash in global financial markets. The first reaction is to tell clients that there is no need to panic but this may come across as patronising unless there are good reasons to stay calm. No need to panic There should be no need to panic if an investment portfolio is set up correctly in the fi ...
Fixed Term sales
The big picture – Fixed term income plans are popular because they don't lock people in for life.
What's the problem? – Lifetime annuities have a poor reputation because of miss-selling. Could fixed term suffer the same fate?
What can de done? – Make sure they are sold / advised properly e.g. end commission bias.
When we talk about risk most people automatically think about investment risk. However, important as it is, this is only one of the risks that you need to watch out. Managing retirement risks There are many other different risks you should take into consideration during your retirement. These range from the risk that you might be too cautious and therefore get locked into low r ...
This is Money Emergency
Brilliant article in This is Money by Tanya Jefferies
Fifty financial advisers team up to offer free half-hour sessions to over-50s with money troubles in coronavirus crisis
Wills and LPAs
I was listening to Michael Buerk on the Moral Maze which had the very apt title “Danger and Opportunity?”
In the introduction Michael said words to the effect that “many of us are banged up at home writing our wills according to the law Society which is struggling to keep up with demand”