Following Standard Life’s revelation last week that it is looking at the direct-to-consumer market, platform companies including Transact, Novia and Ascentric have confirmed they are not planning a similar move.
Ascentric head of sales Shaun Sandiford says: “Many IFAs have feared this approach and ask me if we will ever target their clients. We would never do that. IFAs using platforms taking this route need to pray these companies have Chinese walls as big as The Great Wall or not use them at all.”
Novia chief executive Bill Vasilieff says that IFAs will remain the company’s key distribution channel. He says: “There are players looking at this on the back of the Hargreaves Lansdown valuation of potential business at aro- und £1bn but I feel that they underestimate the spend required. IFAs are by far the dominant distribution for investments and we are totally wedded to them.”
Transact head of marketing Malcolm Murray says: “We have no plans to invade the direct-to-consumer area.”
Investment Quorum chief executive Lee Robertson says: “There will be some advisers who worry about platform providers going direct but the more new model generation adviser who is working closely with his clients is probably less concerned.”