Dave, who describes himself as “rewired, not retired”, has few kind words for the broker system and the costs attached to it.
“It’s like gambling,” he says, “only a little worse … because with gambling you can see the cards in front of you.”
“I don’t like the set up,” he adds, besides “even the best broker can do nothing when Zuma gets rid of Nene … it’s all connected to the ‘what if’ syndrome”.
Dave says he has a problem with not being allowed to buy certain products directly. Being forced to use a broker, he says, is a way of keeping the customer at arm’s length, of not taking responsibility for what happens to the products you sell them.
Imagine, he says, a situation where a bank asked you to sign an indemnity or waiver when you sign up for a product, which he likens to “accepting you will have no comeback should they not be able to find your money”.
He laughs, adding: “It’s the same as investment companies saying, ‘We are going to take your pension savings, but if we make a real mess of things … don’t think you can come back to us and ask us to make good’!”
He also rails against the tradition of big companies having each others’ backs regardless, which he describes as a “brotherhood of wrongdoing”.
“Ninety percent of the folk who work hard and save into a retirement system believe the guys running the show will make sure their money is safe and growing at a better rate than inflation, but frequently,” he says, “they are the ones taking their share out way before any sign of growth.”
Dave says he is surprised that “in this new rainbow country this system has not been scrutinised and made transparent”.