View more on these topics

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.”

Recommended

FundsNetwork grows to 196 fund links

Fidelity FundsNetwork is adding 16 more fund links to its onshore Investment bond wrapper, bringing the total available to 196 fund links. The 16 new fund links are from a range of leading fund providers and span a variety of sectors and geographical areas. Those newly available links include Artemis strategic bond, Investec managed distribution, Fidelity […]

Interest-only risk is rising

Guy Anker says fears are growing over the extent of loans taken out without repayment vehicles

Threesixty to run business planning seminars

Threesixty is staging a series of IFA business planning workshops in the new year.They will focus on how to design and implement the plans and explain specific strategies and tactics that can be used to drive businesses forward, the practicalities of business planning, what to expect from plans and the benefits they bring. The theme […]

Rogue chasers face jail threat

The Claims Standards Council believes the onset of claim-chaser regulation will rid the sector of rogue operators as rule-breakers could face a two-year prison sentence.Speaking at an extraordinary general meeting of the CSC to ratify its executive, new chairman Andrew Twambley said the regulations will be “a very uncomfortable read” for any claim firms with […]

The changing world of professional connections

The Legal Services Act of 2007, which opened up the legal market to competition, has put the cat among the professional pigeons. In the words of a 2015 Law Society report on what the legal profession is likely to look like in five years’ time: “Business as usual is not an option for many, if […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com