by Tony Vidler
How can an adviser be confident their advice is good before trouble starts? In other words, how do you audit yourself?
There are 5 key things that the adviser must do – and be able to evidence afterwards – to show that they have worked for the benefit of the client, and not acted out of self-interest. To demonstrate that you must essentially show that you know your client well enough to have delivered relevant advice.
5. Do you have the competency and expertise to provide the advice required? Let’s not kid ourselves here….we know whether we know enough…and we know when we don’t know enough or are getting into areas beyond our expertise….the challenge is really making sure we don’t step over the line into advising beyond our demonstrable competency.
If you find yourself as an adviser thinking “I don’t think I have the knowledge to do that really well”….then you really should decline to try and provide the advice. Otherwise you are inviting future dissatisfaction and problems at the very least…or a change in career at the very worst.