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Bankhall tells advisers to ditch low-earners

Bankhall is telling members they could be better off ditching the bottom tier of their client base and focusing on their high-net-worth customers.

It says bancassurers are increasingly hoovering up lower-earning clients and advisers should concentrate on ensuring they maintain the higher-earners.

Bankhall marketing director Richard Howells says: “IFAs will start to deal increasingly with higher-earning clients as the banks start to service the lower tier more and more.”

Howells believes advisers that make full use of technology should be able to service a broader range of clients.

He says: “Depending on how advisers define their business models they need to segment their clients in a different way.

“As banks start to service the lower-tier clients, IFAs should start focusing on those at the higher end.”

Sovereign Financial Options senior financial consultant Roger Dor says that although this view is increasingly taking hold, he is surprised that Bankhall has spoken out so boldly.

He says that many advisers are favouring wealthier clients because the increased regulatory burden means that they do not have time to visit as many clients.

Dor says: Many people might think this but I do not know of anyone actually saying it. I do not agree with this view. I have a client bank and I have to look after them, whether they are rich or poor. Many of my poorer clients are those people who were there at the foundation of my business.”


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