Monday, 23 January 2012

Wealth Managers

Will someone please explain what a 'Wealth Manager' actually does -other - of course - than help himself to a reasonable percentage of your wealth every year for his questionable services. Twice in the last week I have asked people what they do - to receive the answer ; 'Oh I'm in Wealth Management.'  Now I have a sneaking suspicion that a Wealth Manager is what used to be called a Financial Adviser which in itself was a euphemism for what was once a Life Insurance Salesman, who, if my memory serves me right was the lowest of the low in the financial pecking order and usually the refuge for the seriously thick and unemployable.

Now I admit that this is quite a clever move by the Financial Rip Off industry. After all there was no kudos in having a Life Insurance adviser and not much in having a Financial Adviser either but just imagine how impressed the neighbours must be when you casually let drop that; ' You have an important meeting with your Wealth Manager'        

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