Recently, Phil Bray, a financial adviser marketing support agent, voiced his discomfort with public criticism of peers and competitors within the financial services industry. In his post, Phil argued that such criticism could alienate potential clients and tarnish the reputation of the profession as a whole. While I understand his perspective, I must respectfully disagree with his conclusions.
The Importance of Accountability
Phil’s first point suggests that criticising peers and competitors in public could alienate as many potential clients as it attracts. However, silence on unethical practices can be far more damaging. When we ignore unethical behavior, we implicitly endorse it, allowing it to continue and potentially harm more clients. Transparency and accountability are foundational to building trust, and addressing misconduct is essential to maintaining the integrity of our profession.
Differentiating Criticism from Condemnation
Phil’s second point raises a valid concern: that consumers might lump all advisers into the same box, interpreting criticism of one firm as criticism of the entire profession. However, there is a clear distinction between constructive criticism aimed at improving industry standards and blanket condemnation. By carefully articulating our critiques and focusing on specific issues, we can help clients understand that our goal is to protect them and enhance the profession’s overall quality.
Showcasing Integrity
Phil’s third point advocates for showcasing the benefits of working with us rather than highlighting the shortcomings of others. While promoting our strengths is undoubtedly important, it is equally crucial to address the industry’s flaws. This dual approach ensures that clients are fully informed and can make decisions based on a comprehensive understanding of the landscape.
Acknowledging the Realities
Phil concluded his post by acknowledging that advisers should focus on positive client outcomes. While this is a noble approach, it does not address the reality faced by many clients who have suffered due to unethical practices. Here, I must extend an apology and a pledge of support to the victims of numerous scandals and failures within the financial sector:
- Victims of aggressive treatment by HMRC towards financial crime victims
- Victims of abusive, exploitative, and unlawful Personal Guarantees
- Victims of Ark, Bank of America, Barclays Bank, Basset & Gold, Bibby, Blackmore Bond
- Victims of the British Steel Pensions scandal, Building Societies Scandal, Car Finance scandal
- Victims of the Financial Conduct Authority’s catastrophic regulatory failures, Capital Index, Clydesdale Banking Group
- Victims of Commercial First, Collateral, Concealed Margin Credit Fraud, Connaught Income Fund Series 1
- Victims of the Defined Benefit Pension Transfer scandal, Dolphin, Equitable Life scandal
- Victims of the Financial Ombudsman Service regulatory failure, Fixed Rate Loan Fraud, FundingSecure, HBOS remnants
- Victims of High Street Group, House Crowd, HSBC, Interest Rate Hedging Product Fraud, insolvency fraud, JVIP, KeyData
- Victims of the London Capital & Finance scandal, Land Registry fraud, Lendy, LIBOR miscarriages of justice
- Victims of Lloyds Banking Group, Lloyds BSU, Loan Charge Contractors, Mini Bond scams, misleading APRs, misleading retail FX advertising, Moneything P2P
- Victims of the Mortgage Prisoners scandal, Northern Rock, Park First, all kinds of Pension Scams, Philips Trust Corporation Scandal, Peer to Peer Lending scams
- Victims of the Post Office Scandal, PPI scandal, Premier FX, RBS including RBS GRG, Ready to Invest, Santander, Store First, systemic signature forgeries by banks
- Victims of the Ulster Bank Scandal, whistleblower mistreatment including by the Financial Conduct Authority, Virgin Money, Vulture Funds – including Cerberus
- Victims of the WASPI Women Scandal, Wellesley Finance Plc, Westway, Woodford scandal, World Class Global Consultants, or anything similar
The Path Forward
Edmund Burke once said, “The only thing necessary for the triumph of evil is for good men to do nothing.” It is our duty to voice, highlight, and address unethical practices to protect victims and uphold the highest standards in our profession. We must maintain this dialogue, not to alienate potential clients, but to assure them that we are committed to integrity, transparency, and accountability.
Our ultimate goal is to ensure that the financial services industry is a place where clients can trust their advisers and where ethical conduct is the norm. By continuing to speak out against misconduct and showcasing the positive impact of ethical financial planning, we can build a better, more trustworthy industry for all.
M-POWER AFFILIATE
By aligning with the M-Power Movement, the Academy of Life Planning demonstrates its unwavering commitment to financial empowerment. This partnership enhances our mission to provide comprehensive planning services, education, and tools, enabling individuals to take control of their financial futures. We believe in fostering a fairer society where financial knowledge is accessible to all, breaking down the barriers of traditional financial services. Together, we are redefining excellence and trust in the financial planning industry. Join us in this transformative journey.
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