Carl Lamb, managing director of one of the acquired firms in Almary Green, has even seen the need to defend himself against ludicrous accusations of “selling his soul” following the deal.
The thing is, Almary Green’s existing clients will continue to receive a level of service that Mr Lamb is happy with.
Not one is going to be destitute within months as a result of the move, and most probably won’t even notice any change. If they are worried, there are several other advisers operating on an independent basis they can take their business to instead. However, as 1825 has probably guessed, they almost certainly won’t because they don’t care.
Again it comes down to a debate about words. And again, most of the public is not bothered. Advisers place great importance on the label because ‘independent’ sounds so much better than ‘restricted’.
But when you get past the dictionary definition to what they mean in this context, a restricted offering is more than adequate for millions of investors.
I have often heard doctors used as an analogy. A brain surgeon is not referred to as restricted just because he can’t do dentistry. I often wonder whether advisers would be more comfortable with the restricted model if it were rebranded as ‘specialist’.
Even if it were, I suspect it would have little impact on the perceptions of the public. Most people don’t bother with the status of their adviser, judging them instead on the service they provide, not the label they use.
St James’s Place is often derided as a terrible business, but notably it is always other advisers that criticise it, not its growing number of clients, who seem more than happy with the service they receive.
There should always be a market for the excellence that true independence represents, but for many – probably most – a ‘good enough’ solution is more realistic.
I have been a long-term advocate of the independent model and I still believe that independent, fee-based advice is the best solution for those willing or able to pay for it. I would love that independence to be the aspiration for all advisers. But it is becoming clear that focusing solely on that has left millions with no advice at all.
