Comment by Grant Patterson, Managing Director at Providence Independent Investment Advisory
“There’s a phrase no one wants to read in a sweeping report about the financial advisers who handle their savings: economy-wide misconduct” reports Suzanne Woolley in her Bloomberg article.
A staggering 7% of all financial advisors in the US have been disciplined for misconduct. At some of the larger firms with thousands of advisors this number reaches mid double figures.
It’s difficult for an organisation with many advisors to adequately monitor all advice and the appropriateness for clients. That’s why at Providence we remain boutique, with a small number of advisors and a structure whereby our clients are supported by a team rather than an individual.
Trust in your advisor is paramount, as is supervision at all levels of an organisation giving advice.