The polarisation review could threaten the presence of hundreds of
IFA websites across the UK, says My Money Adviser.
MMA believes that product providers, fund management and pension groups
which are collaborating on fund supermarkets are keener than ever to offer
low-cost multi-distributor products online direct to the public.
The IFA website provider thinks the increased IT and marketing spends
could squeeze adviser sites out of the picture.
It says consolidation is already happening such as the recent purchase of
online mortgage platform Mortgage Brain by Halifax, Nationwide and Alliance
MMA believes the IFA community should be concerned over how the FSA is
allowing tied and single-range providers to offer products from other
providers as this will nudge independents out of the market.
Later this month, MMA is launching a range of online support services for
advisers wanting an e-commerce-equ-ipped online presence.
All UK advisers can get a basic internet site free of charge, along with a
range of optional extras.
MMA managing director Ann-Marie Martyn says: “Stage one of the FSA review
opened up the way for multi-tie distribution. The big investment houses and
banks are busy creating whole suites of online products to offer consumers.
IFAs will have to work hard and fast to keep up or be thrown out of the