For many years Which? Magazine has been floating around libraries, dentist waiting rooms and featuring in mailshots. Don’t you just wanna squeeze them all to bits?
Which? is the consumer watchdog that keeps an eye open for scams, dodgy deals, but more importantly offers consumer information on best buys and best deals. Over the years it’s done sterling work in identifying engineering faults in motor cars, irons and washing machines. Surprising then, that it ignores its own advice in putting consumer interests first when it comes to financial advice.
To explain: as people near retirement age they’ll want to talk to an adviser about a range of issues, from arranging a regular income to placing their investments in a secure home. As far as income is concerned, there are choices to consider. Should a pension be provided for a surviving spouse; should a cash lump sum be taken alongside a reduced pension; should existing savings be brought into play?
Any advice sought should include a fully independent review of the client’s current situation and future plans, examining all the options. It’s a lengthy but essential and productive part of financial planning.
Which? however, is providing just a small part of the advice through its own, restricted advice outlet, Which? Annuity Advisers. Unfortunately, this part of the process is often misunderstood to be the central part of all available advice, to the point where the other crucial elements are ignored.
Which? offers whole market annuity advice, which in and of itself is a good thing. However, without the extensive research work necessary to determine whether an annuity is actually even suitable (there are other options) the whole of the advice process is flawed.
In fact, the approach taken by Which? Annuity Advisers is exactly the approach they’ve criticised High Street banks for taking, for decades now.
You couldn’t make it up.
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