“People that run networks, people that run large firms, they don't give advice and when they did, it was 20 years ago in a very different way
“The top of the tree in this industry is all just about securing as much asset as you can with as little cost and as little risk. It's pretty cynical, and it's pretty horrible and if I had known that, I probably would have taken the path I took with more confidence sooner.”
What would you say has been the biggest change since you started out?
“The retail distribution review which I welcomed,” he said.
In fact, Neall is of the view that there is a need for an RDR Two in that, particularly with the expansion of defined contribution pension provision.
“It's really bad that people can pay for financial advice through a personal pension product, but they can't do it through an auto enrollment product and it creates lots of unhealthy divisions and also some pretty poor practices and processes in the advice industry as well,” he said.
“I don't see why we have to have a product divide of this old company pension side of the industry and personal pensions are the industry.
“We were supposed to get rid of that in 2006. And it's still there."
Is there any advice you’d give new advice business owners just starting out?
“For anyone trying to run a business my size, like a tiny community IFA, it's all about professional indemnity,” he said.
“The biggest risk to my business is that the professional indemnity market hardens further and I can't get insurance. But I think from an industry point of view, and from the advice sector of the industry's point of view, and it does relate very much to my personal experience is that I think we need advice training.”
He explained that what you see with firms is exam training, getting a diploma and then you are “thrown into it” in a traditional sink or swim manner.
“There's some value to that because you learn pretty quick,” he said. “But actually I think there is a place in the industry for advice training - not just how to communicate that's out there already, although that's part of it - but how to make decisions.
“If you come across a file and actually your choice of recommendation is very marginal between one thing and another - how do you make that decision? Do you go back to the client? Do you get that input? How do you frame it for the client so that they can make an honest and open decision?”
He explained that doing some sort of training would be helpful to them.
What would you say is the one book you’d recommend to someone in this profession?
“I think you can learn all the wisdom that you'll get in a self help book from fiction so top of the list, Crime and Punishment,” he said.
