Those most at risk from the affects of inappropriate financial advice are generally found in the following groups. Those who rely on their investment capital to meet income and capital expenditure. Retired individuals who rely heavily on investment capital to support their financial security over their lifetimes. The elderly who are most at risk from physical, emotional and financial abuse. As you age your ability to think and to be a strong counterparty to investment decisions declines. The smaller investor who is unprofitable for the investment industry to deal with on anything other than an transaction based, limited wealth management service.
The above groups all have one common denominating factor. They all depend upon the advisor having the following expertise. The ability to construct portfolios capable of meeting financial needs as and when they fall due. The ability to construct portfolios capable of meeting financial needs irrespective of significant short term financial risk, without adverse and material financial consequence. The ability to model the risks to the ability of assets to meet financial needs over time. In 1987, 1990, 1993/1994 and from 1997 onwards, many of the world's markets were at levels which exposed investors to below average long term returns. From 1998, these markets were at levels which exposed many investors to significant financial risks. Advisors who could not discount these risks into their modelling and initial investment decisions for clients would have exposed many clients' financial security to undue risk.
Unfortunately much of the financial services industry is not adept at constructing, planning and managing financial assets to meet financial needs. Please see the problem with the investment industry for further information. TAMRIS recommends that only advisors competent in the management of assets to meet financial needs and who operate under strict ethical guidelines with high and transparent service, cost and reporting standards deal with investors in the first 3 of the above categories. In particular it recommends that advisors dealing with the elderly are subject to additional monitoring. It is important that organisations dealing with the care and management of elderly health and lifestyle issues have a coordinated strategy towards the prevention of financial abuse. Determining which advisors are capable of delivering high service and ethical standards is a TAMRIS Service offering. As for the fourth and final category, small investors will only ever be able to receive appropriate management of their wealth when the industry integrates the management of assets with the management of financial needs. This integration will enable the automation of the construction, planning and management of highly personalised portfolios with superior management of risk and return. Without these systems it is impossible to deliver the asset management expertise and the portfolio personalisation needed to manage risk and return at a cost which truly adds value. | 
