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A quaint practice that is rare compared with the “real thing” is the ceremony chosen by some couples to celebrate a long marriage, namely the “renewal of vows”.

Not quite the same thing but now mandated in the financial services world is the abolition of “grandfathering” - the payment of annual fees to financial advisors. Now required is an annual affirmation from the investor that it’s OK for a fund manager to continue paying a percentage fee of the investment to the original advisor who gave the advice to invest in a particular fashion. Back in the bad old days it wasn’t unusual for the investor to be paying these fees to someone they’d never met.

The annual fee is payable for continuing service, which simply reinforces the concept that if you required advice in the first instance about making the investment, then the person giving that advice has a clear obligation to check regularly to ensure that you should continue to hold that investment.

Ongoing advice is arguably even more valuable than the original investment advice.