View more on these topics

Cann says new players waiting to see if Towry’s fee plan works

Institute of Financial Planning chief executive Nick Cann says new major distribution players with venture capital backing look set to emerge in the near future if JS&P Towry Law’s fee-based remuneration structure is successful.

Cann believes City investors are looking closely to see if a genuine fee-based wealth management firm can work on a large scale and if so will look to replicate its template.

He says due to the well publicised failing of many big IFA firms in recent years and strong concern from the FSA about profitability in the sector, many investors have steered clear.

But Cann suggests that this will change if JS&P Towry Law’s structure is successful and leads to new names with City backing or foreign firms entering the market.

The IFP has set out its strategy for 2007 and expects its current membership of 1,500 to grow to around 1,800 by the end of the year.

Cann says chartered fin-ancial planner numbers, which have reached 610, will also continue to increase both through students and current advisers taking the qualification.

He says the IFP is in informal discussions with other universities about the potential to roll out Manchester Metropolitan University’s CFP pathway to a financial services degree to other institutions.

Cann says 2007 will finally see the issue of redefining the IFA tag brought to a head with the FSA’s retail distribution review and he hopes to see the emergence of a range of titles better reflecting the skills and abilities of advisers.

He says: “This should be a defining year for the sector, with the retail distribution review recommending much needed radical changes and hopefully the success of JS&P Towry Law spurring the industry on and producing new entrants.”


Is the price right?

The first month of this year became a time for the value of IFA businesses to be debated around water coolers and in wine bars.

Insurers slash rates as critical war breaks out

Bupa, Norwich Union. Legal & General and Friends Provident have slashed their rates on critical-illness insurance in the opening shots of what is predicted to be a rate war in the sector this year.Last year’s premium battle was waged mainly on life insurance products but Lifesearch head of protection strategy Kevin Carr is forecasting the […]

BM claims hybrid loan is now cheapest on market

BM Solutions has thrown down the gauntlet to Northern Rock by relaunching its Mortgage Plus range, which is in direct competition with Rock’s Together product.The offerings both combine a mortgage and a secured loan to lend up to 125 per cent loan to value and are the only products of their kind in the market.BM […]


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