“Because what sometimes happens is that things accidentally fall through holes,” Facer warns. “So if you’re a consolidator and you’ve bought a business where 10 advisers come across and two leave – the two that leave, what’s happening with their clients?
“For those sorts of businesses, you want to make sure you’ve got good processes. And/or when advisers leave one firm and go to another, and the adviser that’s left can’t take their clients, then who’s looking after them? So that’s where inadvertently people are dropped through.”
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Chloe Cheung is a senior features writer at FT Adviser
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