The majority of the audience raised their hands when asked by the panel chair if they had been faced by insistent clients in the past 12 months.
Mr French said advisers should liaise with their professional indemnity insurers when handling such clients, adding: “It is ultimately a judgement call. You need a strong process if you are going to take on an insistent client.”
Mr Casey expressed caution on the sentiment that following the FCA’s three-step process on insistent clients to the letter was a foolproof protection against claims.
He said: “Saying no to an insistent client is not easy to do in practice when they are sitting in front of you saying, ‘I understand the risks but I want to do it anyway. There is a financial incentive to doing that for them.”
Myron Jobson is a features writer at Financial Adviser
Breakout sessions
A quartet of industry providers individually hosted a number of more intimate breakout sessions throughout the day.
The sessions hosted by Leigh Fisher, London and Home Counties sales manager for Investec Structured Products, focused on how structured products could provide an inexpensive protection to retirement portfolios, and explored the safest level of income to take to preserve capital post retirement.
Katherine Dryer, product specialist director, fixed interest and multi-asset at Jupiter Asset Management, discussed what alternative natural yielding products were available with less capital volatility and how a collaboratively managed distribution style funds investing in equities and fixed interest could offer low cost with low volatility.
Meanwhile, Toby Nangle, co-head of global asset allocation, head of multi-asset, Emea, at Columbia Threadneedle Investments, spoke on the key considerations for pensioners in the post-pension freedoms landscape and the income strategies available to them.
Alexander Boni, associate regional director of Russell Investments UK private client services and William Edge, consulting director, explored a similar theme, as well the steps advisers could take to ensure that their clients remained calm in an uncertain investment landscape.
Panellists in London
Matthew Smith is the managing director, chartered financial planner at Buckingham Gate Chartered Financial Planners. He has been advising clients for most of his adult life, having previously worked for both Lloyds TSB and Wesleyan Assurance Society.
Nick French is managing director, head of UK Wealth Management at Russell Investments. He previously held the roles of manager, regional director and head of advisory at UK IFA sales. Prior to this, he worked at Zurich and Skandia.
Gavin Casey is the distribution director for Aegon Ireland. He has held a number of positions in his 17 years with Aegon, including leading retail bank and retirement products distribution.
