
🚨 Alert: Asset Hoovering in Financial Advising 🚨
So, an adviser is bragging on LinkedIn about increasing their managed funds by 1,150% in 5 years. 🤑 Impressive, right? Think again! 🤔
🔍 Let's break it down: 💸 Fees: £30k annually in initial fees, £40k rising to £500k in recurring revenue. 📉 Client outcomes: Zilch. Nada. Nothing. They've made no real money for clients. 📉
And here’s the kicker: clients could have done the same (or better!) by investing directly in the market! 🤷♂️
But wait, there’s more! 🎩✨ Advisers often justify their fees with: