I am not an adviser; I do not want to be an adviser; quite frankly, I haven’t got the balls to be an adviser. Pre-FSA 1986, I ran a nicely profitable consultancy, largely in group pensions with some individual work. My last transaction was investing a six-figure sum in equities hours before the ’87 crash.
I wasn’t happy with the transaction, thinking markets were toppy. However, an accountant introduced the client and the client was his mother. The instruction was to invest! I was not happy then, afterwards and I am not happy now. This is why, inter alia, I am not an adviser.
Today most advisers outsource or insource expertise. Relatively few advisers carry out asset allocation and fund selection themselves. Personally, I can’t imagine why any adviser would want to. Leave that to those who can read the runes. So what is the right answer?

Insource or outsource? Who’d be an adviser?

Insource or outsource? Who’d be an adviser?