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&#39Professionals prefer impartial fee-based advice&#39

Professionals have condemned commission-based advice in a survey carried out by True Financial Planning.

The IFA questioned professionals listed in International Who&#39s Who and found that 94 per cent do not believe that a commission-based adviser&#39s advice would be impartial.

Seventy-nine per cent said they would prefer a financial planning service to a financial advice service while 97 per cent were prepared to pay fees for the service if they believed it to be impartial.

True has set up a franchise operation to help IFAs manage the transition from commission to fee-based financial planning.

Co-founder John Baxter says: “The message is clear to the entire IFA community. The professionals in society are disenfranchised by the commission-based advice offering. Something has to change. Either IFAs evolve their service to fee-based financial planning or the calibre of clients they service will fall.

“Most clients I speak to grasp far quicker than most IFAs that to protect the integrity of a financial planning service, it must be fee-based.”


Gasparro leaves Schroders in shake-up

Schroders head of investment products David Gasparro is leaving the group as part of a wide-ranging corporate shake-up involving the appointment of three new heads of desks.Gasparro is leaving to pursue other interests after 11 years with Schroders, which is splitting his role to reflect its shift in strategy towards distribution. Respective responsibility for product […]

Apathy costs consumers over £725 million a year

UK consumers are wasting over £725 million each year by not shopping around for competitive loan rates, according to research from The MarketPlace at Bradford & Bingley. Fifty seven per cent of people would go straight to their bank or building society if they needed to take out a loan. The research attributes this reluctance […]

Out of context

•”Three people over dinner last night told me that I didn&#39t look like Shrek.” – Bankhall&#39s Peter Mann.•”I&#39m sure I was Shep in a previous life.” – Abbey National for Intermediaries&#39 senior key relationship manager Lawrence Gilgallon discusses a pilgrimage to the Blue Peter garden.•”There is definitely fish in that icecream.” – Abbey National for […]


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