Maybe it’s time for some new thinking

I have just finished reading an article about a new theory which endeavours to explain how extra-terrestrial life could have evolved in the universe This theory is so radically different from accepted norms, that it has garnered a great deal of attention both inside and outside the scientific com- munity. And, as per usual, with the postulating of any new concept, comes a multitude of criticism from the established ranks of whatever field the postulator may be involved in.

Therefore it was of no surprise that there were many dissenting voices from experts, vehemently at- tacking this new thinking with both scientific and philosophical argument.

Now, I know you are thinking, so what, and why do we need to know any of this, especially in a finance column? And you are, right. A new theory explaining alien life formation is probably the furthest from finance we could get.

But rather than the new theory, it was the criticism of same that really created my interest. The authors are no doubt, highly credentialed and hugely intelligent people with long years in research and academia.

But this did not stop harsh peer criticism, some of which,

bordered on ridicule. This seemed particularly odd considering the discipline of science is founded on new ideas formulated through robust thinking.

Strangely I could see the same issue within the world of financial advice. The entrenched doctrines of the advice industry are also impervious to new thinking or concepts, which can, and has disad- vantaged clients as a result. Institutional involvement has guided the advice industry in a direction that has belayed the importance of individual customer needs in favour of broad brush solutions that utilise a suite of in- house products. And just like the scientific community, any alternative thinking suffers the same level of critical responses to ensure the status quo remains.

As a result, I have decided to introduce some of my own radical thinking, and will share some alternative ideas to some of the staid concepts so entrenched into the financial advice world. So over the next few weeks, unconventional thinking will be the order of the day for this column, ( mostly any- way) so stay tuned.