Is there a need for greater clarification of the relationship between advisers and providers where the provider has a stake in the adviser firm?Yes 75%No 25%No “I don’t think it makes any difference as the compliance structure is so strong that the potential for IFAs to be churning or favouring a provider is nowhere near as bad as it used to be.”
David Holmes, David J Holmes Financial Planning & Investment Services
Yes “I think a client needs to know about the links that an adviser has although I am not sure what the legislation would be.”
Nigel Charlwood, Concerva
Yes “You always need that, otherwise people could be accused of a conflict of interest so more transparency is required.”
Phil Turning, Strategic Financial Planning
Yes “Advisers who are members of such firms need to make sure there is total transparency. These big advisory firms have not got the cash to run without providers to back them. Something is wrong with their model when the only way is to survive is to put cash in from providers.”
Robert Meacock, Meacock & Co.
Yes “I think there is a need for greater transparency although I do not think there is anything untoward in the links.”
Nick Fletcher, MGP Investment Management
No “We do not have links but it is in the terms of our business that we would tell you if we did. You would expect the FSA to ensure all firms owned or linked with life companies would make it clear.”
Chris Worthington, North West Independent Financial Services
Yes “There is a need for this. It is not treating customers fairly to fail to make the link between provider and adviser clear.”
Peter Miller, Peter Miller Financial Services
Yes “Customers have to understand what conditions, influence and constraints are being put on the firm, especially if it is using the independent title.”
Anthony Ransom, Anthony Ransom IFAMoney Marketing welcomes readers’ letters for publication. Letters should be sent to: The Editor, Money Marketing, 50 Poland Street, London, W1F 7AX.