Outsider somewhat prides himself for his originality in his writing and news coverage. But deep down he knows this to be a pile of horse cookies. This is because he is aware that there are only seven original plot ideas in the world.
This view was reinforced only recently when one of Outsider’s colleagues was rummaging through Money Management’s archives. In unpacking articles from as far back as 1995, his colleague came across an editorial which talked about the need for professionalisation in the financial advice sector by the year 2000.
Seventeen years later, Outsider and his colleagues are still writing about the need for professionalisation and higher education standards in the financial advice sector.
Another article from 1995 defined professionalisation as adhering to ethics, and avoiding conflicts of interest, while stating that “the idea that a profession is characterised by its ethics would appear to have escaped some planners who seem to think the major issue is how the client pays”, and proceeds to discuss fee-for-service.
It’s a sense of déjà vu here at Money Management. No wonder they call it a news cycle.
Adhering to the premise of the ‘Seven Basic Plots’, do these issues fall into the basket of “overcoming the monster”, “rags to riches”, or “voyage and return”? Each adviser must chart their own course.
