UK veteran adviser dies after Covid-19 battle

High profile veteran adviser Alan Steel, chairman of Alan Steel Asset Management, has died after losing his fight againt Covid-19.

On 22 August Steel wrote: "To all my Twitter followers you may wonder why I've been so quiet. For the best part of 2 weeks I fought a losing battle with Covid. Been on oxygen in hospital since. Moving to intensive care. Today. This is one nasty illness. Fingers crossed I make it thro."

Alan Steel AM managing director Steven Forbes posted a message on the company website.

It said: "It is with deep sadness that I have to inform you that the company's founder and figurehead Alan Steel has passed away.

"As you know a few weeks ago he caught the horrible virus that has dominated our lives for the last eighteen months, and despite his battles against huge institutions such as Equitable Life, the regulator and those that gave our industry a bad reputation, his last, against an invisible foe, was one that even he could not win.

"I suspect he was aware this may be his final fight as before he went into the ICU he wanted me to let you know that he started work at Scottish Widows the day after man landed on the moon, and he hoped he had been able to bring a ‘Sea of Tranquillity' to your finances in that time."

He added: "There is a pall of sadness hanging over the company just now, but as you would expect Alan made sure it would be business as usual when he was no longer around and the 41 of us in this branch of his family will continue his legacy and maintain the five key components of the business he loved; Knowledge, Integrity, Innovation, Fairness and Fun. I make no bones about the fact the last will be the hardest to do initially, but Alan would want us smiling so we will try our best.

"He is now with his beloved, and wise, Grannie McKay and will have a new audience for his multitude of jokes and stories. I also know the hole that exists in our lives just now as a result of his passing will be filled with joyous memories in time."

Tributes to the advice legend have poured in on social media. Phil Young, managing director of Zero Support and former managing director of threesixty, was one to offer a couple of heartwarming stories.

He wrote: "Sad, sad news about Alan Steel. Other people will have been closer to him but here's how I knew and will remember him.

"Back in 2003 we were protesting to launch threesixty. To survive we knew we needed at least one big firm to join us to give us the bulk purchasing you needed in those days (the days of commission). Every firm was Scottish (including Iain Wiashrt's) but Alan Steel AM was the firm that launched the business.

"To me he's the person who took a chance on a new business and gave us our shot. He was always a pioneer like that. Blogging before blogs were invented, created successful succession in his firm without selling out years ago, and always a lovable rascal on social media.

Young continued: "Fast forward to this year and my wife was researching some FCA policy and consequences for advisers. She was on the phone to Alan who was helping her understand the background. Almost 20 years on and still happy to help. He passed on his regards to me.

"He did many of the things advisers now talk about, and never do, years before the current era of self-promotion. He navigated every iteration of financial advice there's been, with a glass of wine in one hand and a moothie in the other. Or so it seemed anyway. He will be missed."

In a statement today (September 17) Steven Forbes, managing director of Alan Steel Asset Management, said:

"It is with deep sadness that I have to inform you that the company's founder and figurehead Alan Steel has passed away.

"As you know a few weeks ago he caught the horrible virus that has dominated our lives for the last eighteen months, and despite his battles against huge institutions such as Equitable Life, the regulator and those that gave our industry a bad reputation, his last, against an invisible foe, was one that even he could not win.

"Alan made sure it would be business as usual when he was no longer around and the 41 of us in this branch of his family will continue his legacy and maintain the five key components of the business he loved; knowledge, integrity, innovation, fairness and fun. I make no bones about the fact the last will be the hardest to do initially, but Alan would want us smiling so we will try our best."

Steel, who began his career in 1969 as an actuarial student with Scottish Widows, became an IFA in 1973. Two years later, he formed Alan Steel Asset Management in Linlithgow, just outside of Edinburgh.

Tributes were soon paid via Twitter from people across the industry and political world.

"So sorry to hear this news," Fiona Hyslop, member of Scottish parliament for Linlithgow, tweeted today (September 17).

"Alan achieved so much and was much respected in the local community of Linlithgow in my constituency where he based his highly successful Alan Steel Asset Management which he took to great success."

Ian Beestin at Money Alive tweeted: "This is such sad news. Alan was a great guy. I remember first reading his insightful comments in newspapers around 30 years ago. He was also a huge music fan and supporter of live music. Will miss him. Condolences to his family."

Former Threesixty boss Phil Young said: "Sad sad news about Alan Steel. Other people will have been closer to him but here's how I knew and will remember him. Back in 2003 we were protesting to launch threesixty…"

Steel survived five stock market crashes during his lifetime. He is known for his strong views on the Equitable Life scandal back in 1997, which saw more than a million policyholders with the insurer lose parts of their pension savings to the tune of billions of pounds.

Throughout his career he remained vocal around the topic of holding regulators to account. Looking into 2021, Steel said on Twitter that he hoped for: "The FCA [to] finally realise it should actually go out and visit experienced IFAs and listen to how to be proactive, and work with us, to properly regulate the industry for the benefit of savers and investors, instead of theorising and making the same mistakes."

As the many tributes continue to coming in, here are some words about Alan taken from the Alan Steel Asset Management website which also give some insights into the man he was.

"Since January 1973 he has been practicing and studying the secrets of how real wealth is created and protected. Since forming Alan Steel Asset Management (ASAM) in May 1975 he's built a highly qualified team, written countless articles, appeared on Radio and TV, in national and international social media, and is recognised as a leader in his field.

He's a sought-after speaker, loves what he does and uses his vast experience and knowledge to create better ways of increasing and protecting the wealth of families and people most probably like you.

Unlike most wealth management firms, ASAM has avoided the herd instinct of locating in a big city. Preferring to be far from the madding crowd they are situated in the Ancient Royal Burgh of Linlithgow, birthplace of Mary Queen of Scots, in Central Scotland.

His hundreds of articles and quotes over the last 30 odd years demonstrates his commitment to 'lift the lid' on financial services industry malpractices that have plagued investors' returns time after time, even after UK Financial Regulation was introduced by law in 1986.

And you can read many of these articles in the Media Centre. ASAM spends significant resources on Independent World Renowned Research and applied commonsense. This enabled them to predict looming problems like the Equitable Life scandal, Mortgage and Pension mis-selling, and inappropriate "popular investment" strategies pushed by media and greedy financial salesmen.

And, from Linlithgow they provide personal service to clients throughout the UK, the Channel Islands and as far away as Hong Kong.

And even though based in faraway Linlithgow they deliver their unique brand of plain speaking, fairness, and value for money which has seen them recognized in UK awards 17 times since 1989.

Because of his personal experience over the years, Alan was asked to advise the UK's Treasury Select Committee and helped them tackle issues such as Split Capital Investment Trusts, the Equitable Life debacle, and how government should re-establish investors' faith in saving.

As an early critic of With Profit Plans, he was first to publicly accuse Equitable Life of incompetence in April 1997. And he has penned hundreds of articles pointing out the way investors and savers should take in building wealth and how to protect themselves against mis-selling and their own behavioural bias."