View more on these topics

Bankhall chief Mann hits out at buyout promises

Bankhall chief executive Peter Mann has attacked the buyout proposals being offered to advisers by rival companies and brands them “projectile promises”.

Mann says he supportsthe view of Falcon Group chief executive Allan Rosengren, who warned last month that he thought some “rash promises” were being made.

Mann says that two types of scheme cause him the most concern – valuation multiples and equity-participation schemes.

He says: “Valuation mul-tiples of IFA practices varysignificantly, dependent on a vast range of individual properties and a significant number of environmental and chronological influences.

“I would never wish to predict, or even less guarantee, the exit multiple for a sin-gle practice and would certainly not advocate doingso for a collection of such practices.”

Mann questions the economic structure of a business making such guarantees in the future.

With regard to equity-participation schemes, he says: “I struggle to see who would buy such a collective and why they would consider a leveraged valuation.

“The only circumstances in which that may be the case is if the individual elements become homogenised to the degree that they lose their individual identity – but sur-ely that destroys the essence of being an IFA.”


7IM exploits weak pound with access to Bric currencies

Seven Investment Management is developing an investment vehicle to buy into emerging currencies to take advantage of a vulnerable British pound.7IM is working with Goldman Sachs on a product that facilitates tactical calls on foreign exchange, with greater risk control. 7IM director Justin Urquhart Stewart says: “We continue to see Sterling as vulnerable, as it […]

Why CAR will stall

The reason is that if the adviser operates on a commission basis, there is no remuneration to agree upon unless the customer purchases a commission-paying product through the adviser. Thus, the process just becomes commission by another name with the amount being decided between adviser and client as opposed to product provider and adviser. Customer-agreed […]


Death of Brian Cochrane

Champion of small advisers and former Fimbra board member Brian Cochrane has died aged 64 after a battlewith cancer. He began his career in the RAF but set up as an IFA in Falkirk in 1978. He was one of the creators of the ScottishIFA Association and became head of the Fimbra admiss-ions department in […]

The Perils of Passive Investing

The era of loose monetary policy created an environment that rewarded passive investors in the US. However, with the US raising interest rates for the first time since 2006, Felix Wintle explains why he believes active investing will be more important than ever. In the video Felix discusses: The rising cost of capital and its […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm