I was surprised because I haven’t come across a High Street adviser for some years in London, which may simply be a reflection of the streets I walk down these days. But it was an extremely welcome reminder of the many thousands of financial advisers toiling round the country who are at the heart of their communities.
The financial advice community often gets a bad rep because of the occasional crook who rips off their clients’ savings. I’ve written many newspaper stories of unscrupulous individuals who lie and cheat their way to people’s cash.
It’s clear that such behaviour reflects badly on all in the industry. It also, of course, gives those who already view financial advisers as untrustworthy a chance to confirm their prejudice.
But it also helps blind us to the truth that financial advisers can make a really positive difference.
The worry of money
I interviewed an entrepreneur recently for an article and asked them about their adviser.
Despite making millions from their businesses, their attitude to their own finances was a little startling.
They told me they leave it to their adviser to say if any financial decisions need to be made.
That particular client really appreciated the adviser taking what they called “the worry of money” off their shoulders.
In short, that’s what financial advisers can do for their clients and sometimes we need to shout about that. So rather than complaining about High Street stores moving into the investment world, it is worth reaffirming that the High Street is where much of Britain’s financial advice actually takes place.
Let’s face it, those shoppers who casually pick up an investment leaflet in John Lewis or M&S or Sainsbury’s are much more likely to notice that discreet but stylish financial adviser’s office next door if they’ve already been prompted into thinking about their wealth.
Simon Read is a freelance journalist
