We believe that most investment managers do not act in a fiduciary manner.
Here are a few of the reasons why:-

• Their main aim is to take on as many clients as possible in order to maximise profitability. This naturally restricts the time they can spend on their clients' affairs and potentially reduces the quality of client service provided.
• Their process is a sales-based one; with the aim of filling financial gaps with products. It should however, be a consultative process with the client being engaged at every stage.
• Many advisers have minimal experience and their training can often focus on sales techniques rather than technical knowledge.
• The longevity of a client/adviser relationship is important but the turnover of advisers within many firms is high. People shouldn't have to regularly re-educate a new advisor on their affairs.
• The fundamental role of an adviser is to help their clients identify what is important to them and what must be achieved for them to have peace of mind now and in the future. However, many advisers seem to feel their role is to sell products as if their provision alone will somehow address the client's goals and concerns.
• The evidence shows that it is not possible to consistently 'time' markets or pick the "good" stocks from the "bad." In fact, such activity merely adds speculative risk and unnecessary costs to your portfolio. However, it is often used as justification for paying an adviser's ongoing management fee.