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Cann claims IFAs missing menu chances

IFAs are wasting the opportunities presented by the menu, according to the Institute of Financial Planning.

Chief executive Nick Cann says that despite general antipathy to the document, most advisers are missing the chance to use the menu to outline the benefit of their services. He says the menu needs a serious overhaul and welcomes the autumn review, when a fairer representation of market averages is expected to be introduced.

The IFP has been working closely with the FSA on how the document should be revised.

Cann says: “The idea behind the menu is good but advisers are currently too vague about setting out their service.”

Brooke, Christian & Co senior partner Stewart Brooke says: “Following the review, the menu will probably get bigger rather than smaller. We use it to explain how we charge but only because we have to. Clients are not interested in reading or signing it. They do not see any point.”

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