Well-known advice industry veteran and campaigner Alan Steel has died at the age of 74 after a short illness.
Last month, Steel (pictured) took to Twitter to say he had caught Covid-19 and explain why he had not been active on the social media site.
“To all my Twitter followers you may wonder why I’ve been so quiet,” he wrote. “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 [sic].”
He died in Forth Valley hospital on 15 September.
Steel trained as an actuary with Scottish Widows before launching financial adviser business Alan Steel Asset Management (ASAM) in his hometown of Linlithgow in West Lothian, Scotland, in 1975. Today the firm has 41 employees and manages assets of more than £1.5bn.
Financial fair play
A statement sent out on behalf of ASAM noted Steel’s passion for financial fair play and some of the scandals he challenged over the years.
It said he was the first person in the industry to expose the Equitable Life scandal and the first to highlight the poor value represented by endowment mortgages. He also took the once highly popular with-profits bond to task over its lack of transparency and poor performance, and publicly challenged the workings of the split capital investment trust.
DNA lives on in Linlithgow
ASAM managing director Steve Forbes described Steel as a “one off” and a “genius”, but also a “great visionary”.
“Several years ago, he deliberately stood back from the day to day running of the business and assumed the role of company chairman,” he said. “He couldn’t keep away from the office, of course, and each visit was always a breath of fresh air.
“His sudden passing has certainly hit us all very hard, but we take great comfort from the fact that his corporate vision and DNA are forever installed in all of us here in Linlithgow.
“Upholding these ideals now and well into the future will be our lasting tribute to a truly unique individual.”
Benefactor behind the scenes
Fellow Linlithgow financial services stalwart John Allison said: “He was kind, loyal, generous, honest and a thoroughly decent man. A great friend to have. I will miss him dreadfully.”
“Alan always remained totally true to his working-class upbringing. But, unknown to most, he was also a significant financial benefactor and quietly, behind the scenes, he gave great financial support to many local institutions and events.”
Writing on Twitter, GBI2 managing director Graham Bentley said: “Awful news about Alan Steel. The top of the tree as far as the development of advice is concerned. Clichés come too easily but if someone writes a history of UK financial advice, he’ll be a major character. Funny, frank and forthright. And in many things, first.”
