Independent financial adviser that has a rigorous compliance procedure and almost claim-free, but is exasperated by insurers' lack of interest
Company Name: Master Adviser
Address: 27 29 Macklin St, London WC2B 5RP
Phone Number: 02074406290
Email:
doug@masteradviser.co.uk
Website:
www.masteradviser.com
What does Master Adviser do?
Independent financial adviser. It provides independent financial advice on a range of matters including pensions, mortgages, life assurance, investments, general insurance and healthcare to more than 5,000 clients.
Turnover in last financial year: £2m
Number of staff: 35
Who makes the decisions? Doug Brodie, managing director
Wholesale Broker: None
Retail Broker: Windsor's
How were these partners chosen?
Selected by Misys on a network grouping basis. As a member of Financial Options, a network of independent financial adviser firms administered by Misys, Master Adviser uses its assistance when choosing business partners. Windsor's was selected by Misys.
Types of Insurance purchased:Professional indemnity
What have your experiences been of insurance over the past year?
Brodie: "The premiums have risen five fold to £42,000 over the past year. There is no assessment of professional standards within the firm or the processes we use to control risk. The insurers are plainly using a blanket premium on the entire industry. We are high profile and operate a very onerous and expensive compliance procedure to ensure there are no issues. We have had one claim in five years, and that was settled by the insurer at a cost of £6,000, without reference to us - and we are experts in our marketplace.
We supervise and screen every single piece of business executed by the firm, which is almost unique, and employ external compliance officers to audit the business.
To our insurers we are simply wasting time and money as they take no regard of these risk control processes. We feel they do not understand where the risks are in the industry therefore they are unable to price policies accurately, hence blanket premiums. We have not been visted once in seven years of operations.
We know we are a safer risk than the vast majority - we have won several awards for operations - but I know we will get smacked with an arbitrary increase again. Partly, this is caused by the FSAs inability to define the correct due process within our sector, thus effectively creating retrospective regulations."
