After a short break, my weekly Rational Radio returned to a new Monday lunchtime slot yesterday with a bonus added to the usual hour. The extra time was to ensure space for an independent financial advisor being threatened with a “rules-are-rules” approach by an unbending Sanlam bureaucracy. You can listen to the full show here.
I’ve known Capetonian David Melvill for some years. He is a regular at Biznews investment roadshows and although our views on gold usually differ (he just loves the yellow metal), for the rest, we’re on the same page. He has also written insightful articles well read by the Biznews community.
David’s misery revolves around the employment of his son, also a financial advisor, to help with admin while the youngster was serving a 12 month banning order from Sanlam. The life assurer claims young Melvill broke the terms of his suspension. Dad says that’s rubbish. Having read correspondence from both sides, it’s impossible not to side with him.
Despite meetings with numerous Sanlam bigwigs, Melvill senior has had his contract with Sanlam cancelled and is now threatened with debarment. Sanlam have since lifted Melvill Jnr’s suspension, so the “cause” of the problem can once again sell life assurance. Corporate craziness? You betcha. Adult supervision required.
