Independent Financial Advisors

The Financial Services industry has reportedly shed 10 000 jobs in the last three months according to the Financial Times.

Now you will no doubt be distressed by this news, but dry your eyes and read on. I'll get to the point.

For years I struggled desperately to keep a straight face whenever a friend or colleague told me, usually in hushed and solemn tones, that they had "spoken to a Financial Advisor". Before the recent changes (which should have taken place 20 years ago), these actors would feign great interest in your financial future, speak very seriously about planning, security, risk and return, before recommending that you buy whichever product made them the most commission.

Simple as that. The reason I can say this with such confidence is that it's exactly what I would have done in their place. We can assume that a fair percentage of the population are just a self interested as I am and out of those people, a disproportionate number are attracted to jobs which require very few qualifications and the opportunity to earn lots of money.

The old commission system was as crazy as getting teachers to mark their own pupils' exams. Oh hang on a minute...

ps as an Independent Book Reviewer I'd recommend that you take this book or this one on holiday to read on the beach. Remember, your future happiness is very important to me.