Charlie Ring and Ross Youngs write for FT Adviser on where wealth managers should look to for their own financial advice
min readIndividuals clearly get a lot of benefit out of working with financial advisers.
Last year's Financial Conduct Authority (FCA) Financial Lives survey found that while only 8 per cent of adults had received financial advice in the past 12 months, 87 per cent of those people trusted their adviser, and a similar number (84 per cent) were satisfied with them.
This raises a question though - where do the financial advisers turn for their own financial advice? While they may very well be adept at managing the wealth and investments of others, does that automatically mean they should manage their own?
To answer this question, Charlie Ring, Partner in our corporate team, co-writes an article for FT Adviser with Ross Youngs, Group Commercial Directior at Belasko, a specialist provider of fund and fiduciary services to clients, intermediaries and asset managers.
In the piece, Charlie and Ross explain that while financial advisers may very well have the experience and proficiency to manage their own affairs, it does not necessarily mean they have the same bandwidth and objectivity that external advisors can bring.
Their general advice is "for individuals – to the extent possible – to be willing to take their hands off the wheel a little and try to build a multi-disciplinary team around them".
Read the full article in FT Adviser here.
