Most people assume the financial advice profession works like law or medicine. Ask a lawyer the same question and you are unlikely to get five entirely different interpretations of the law. Ask five doctors the same question and you will not receive five unrelated diagnoses.
And yet, in wealth management, people routinely do.
I recently saw a post that said:
“I asked five advisers the same question. I got five different answers… and five different invoices.”
It is amusing on the surface, but it highlights something serious.
If five advisers give five answers, the problem is not the question.
The problem is the profession.
Many advisers are not advisers. They are distributors of products.
Their answers often reflect what they are able to sell, not what is objectively best.
People ask for information and receive recommendations.
They ask for clarity and receive a sales pitch.
When the public does not separate information from advice, the adviser does not either.
Some are tied to product ranges.
Some are paid only if you transfer assets.
Some are restricted.
Some simply do not have the depth of knowledge.
When the foundation is inconsistent, the output is inconsistent.
A strategy-led adviser will give a structured, repeatable answer.
A product-led salesperson will give a quick, emotionally persuasive answer.
Which one you hear depends on who you happen to meet.
If your assets are £1m to £5m or more, inconsistent advice creates real cost:
• Poor estate planning
• Unnecessary tax
• Misaligned pensions
• Overlapping or conflicting strategies
• A long-term plan that changes every time you change adviser
Families assume their adviser is applying a consistent framework.
Often they are not.
Consistency comes from process, not personality.
Here is what to look for:
Your adviser should be able to explain how they approach problems, not just the answer they give.
An adviser should clarify what you are asking.
You should know when you are receiving explanations, and when you are receiving recommendations.
A good adviser bases decisions on principles.
A poor one bases decisions on what is convenient to sell.
If you asked the same question again in three months, the answer should not change.
Only the circumstances should.
When people say they want a second opinion, they think they want a different answer.
They do not.
They want confidence that the answer is grounded in something solid.
If five advisers give five answers, the problem is not confusion.
It is a lack of framework.
Good thinking is consistent.
Good storytelling is not.
If you want to understand how consistent advice is built, or how process and strategy can be aligned to your goals, you can ask Evoa, The Wealth Coach Concierge, or speak with us directly.
Nic Round is a Chartered Financial Planner and Chartered Wealth Manager, authorised and regulated by the Financial Conduct Authority.