By Steve Conley, Academy of Life Planning
In the world of financial services, we like to think we’re rational. Professional. Unbiased. But dig a little deeper and you’ll find a system that may be blind—wilfully or otherwise—to its own conflicts of interest and the cognitive biases they produce.
A Tale of Two Markets
While trade journals wring their hands over whether consumers with £10,000 of investable assets should “do it themselves” or consult an adviser, there’s barely a murmur about those with £100,000 or more. The implication? If you’re wealthy enough, the system is already working for you. You can afford “real” advice. You deserve peace of mind. No need to question further.
This two-tier narrative—empower the masses, pacify the wealthy—perfectly serves the status quo. But who really benefits?
The Great Sleepwalk
In a recent column for FTAdviser, veteran journalist Nic Cicutti shared his relief at finally handing over his investments to a professional adviser. His experience is not unusual. His adviser’s “refreshingly blunt” communication, a portfolio of over 22 funds, and a “fairly small” service fee bought him comfort. Control passed to someone else. The decisions, the responsibility, the scrutiny—delegated.
Cicutti’s tone echoes thousands of affluent investors lulled into reassurance. The adviser juggles funds, balances risk, explains just enough—but not too much—and ensures you sleep soundly. The model thrives not by inviting scrutiny, but by subtly discouraging it.
The Real Cost of Peace of Mind
Here’s the uncomfortable truth: in many cases, these advisers—especially within vertically integrated firms—take home more in fees than the client retains in profit. A 1–2% annual fee sounds “peanuts” until you compound it over decades and compare it with the cost of a passively managed, risk-balanced, auto-rebalancing portfolio. One that costs less than 0.5%, can be set up in minutes, and performs as well—or better—than most adviser-managed portfolios.
Investors rarely hear this. Why? Because they’ve never been shown. Or if they have, the risks are reframed as insurmountable: You don’t have the time. You lack the expertise. It’s not your job to think about this. That’s what we’re here for.
And just like that, the financial professional becomes the priest. The client? A believer.
Bias by Design
Is the industry consciously suppressing awareness of these alternatives? Perhaps not. But that’s not the point. The point is the system is structured so that no one asks.
- Trade bodies focus the debate on “advice gaps” for low-wealth individuals.
- Platforms showcase high-end advice models, not accessible DIY options.
- Regulators—tasked with consumer protection—talk increasingly about “growth,” “deregulation,” and “innovation,” not conflicts of interest or fairness.
- Advisers themselves, groomed by product providers and compliance regimes, sincerely believe they’re doing the best they can.
This isn’t malice. It’s structural bias. It’s groupthink. It’s a shared mythology built on complexity, mystique, and credentialism—carefully designed to keep both client and adviser inside the same comforting narrative.
A Captured Watchdog?
The Financial Conduct Authority’s new direction under the banner of “growth and competitiveness” raises a critical question: when the watchdog is tasked with boosting the very industry it’s meant to regulate, who protects the consumer?
Where is the mandate for truth-telling over salesmanship? For transparency over opacity? For exploring simpler, cheaper, more empowering alternatives?
Instead, the system tells us: Everyone’s happy. No-one’s complaining. So there’s nothing to see here.
But there is something to see.
Reclaiming Autonomy in the Aquarian Age
This isn’t just about fees. It’s about freedom. It’s about agency. It’s about whether the wealthy—just like the rest of us—have a right to know that they can manage their own finances with simple, low-cost tools that preserve their capital and empower their future.
It’s time we challenged the myth that expertise always needs intermediaries. That complexity justifies extraction. That delegation equals value.
Because when we tell ourselves these stories, we blind ourselves to the possibility of something better. We silence the voice that says:
“I could do this myself. I just never knew I could.”
Let’s wake up. Let’s challenge the myths. Let’s empower people—at every wealth level—to take back control. Because peace of mind shouldn’t come at the cost of blind faith.
Join the M-POWER Movement: From Piscean Planning to Aquarian Prosperity
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Final Word
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This is dimensional alignment.
It’s time to stop surviving and start creating —
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