View more on these topics

Age-old story

I thought financial advice was coming of age. No lon- ger were advisers making recommendations on the basis of commission payments. Ah well, not a lot has changed, it seems.

The only way NU can get advisers to use its products is to pay more commission and some advisers lap it up – and this after the menu came into force.

Never mind that a pension is a long-term investment, the returns of which will determine the ultimate annuity. Never mind that NU’s administration leaves a lot to be desired. No, Mr Joe Public, these criteria do not matter. NU will pay us more than anybody else.

Advice on investment plans should first and foremost be about how to ensure that the client ends up with the best possible return, which means appraising all the available investments on offer. Commission should not come into it.

My clients are more than happy to pay me a fee for such advice and my recommendations are never clouded by who I should be in with just because they might pay me more.

Christopher Marsham

Principal,

C&M Financial Services,

Bovey Tracey,

Newton Abbot

Recommended

Revenue drops controversial proposal for one-off levy on non-profit funds

HM Revenue & Customs has dropped plans to tax investment reserves on insurers’ non-profit funds following intensive lobbying by the ABI. Legal & General says the removal of the charge, which would have been a one-off levy on non-profit funds that do not pay out income and gains, will save it up to 500m. The […]

Swip swipes Gartmore’s Stewart

Scottish Widows Investment Partnership has recruited Gartmore’s Alix Stewart to run its corporate bond plus portfolio. Stewart ran Gartmore’s corporate bond fund.

NU chief’s apology to IFAs over service

Norwich Union chief executive Gary Withers has issued a personal apology to advisers for the company’s significant slip in service standards this year. Letters are being sent out to 35,000 advisers around the UK to apologise for and explain why service levels in protection and investment bond application procedures started to slide significantly, particularly this […]

Abe and Modi

India: Modi, reform and the oil price fall

Nearly 12 months since sweeping to power, prime minister Narendra Modi has overseen a significant turnaround in India, which is now on track to become one of the most pro-growth, pro-investment economies in Asia. While the market has rallied 48 per cent over the last year in response to Modi’s reform agenda, what is the potential for further progress?

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment