View more on these topics

Cashing in with Towry Law

Towry Law is launching a “renewal buyout scheme” which will allow its advisers to forgo renewal commission and opt for a cash lump sum.

The IFA says the move is in response to market and regulatory forces which has led to reduced initial commissions. It also believes the move will help retain its advisers.

Towry Law says this type of scheme is common among tied advisers but is a new concept for IFAs. Before taking advantage of the scheme, advisers need to reach a fixed level of renewal commission.

It is intended to encourage consultants to build longer-term relationships with clients and reward them for good customer service.

The scheme will apply to all consultants and certain products, including Isas, Peps and some GPPs.

It does not include regular-premium products because tracking such small amounts of commission becomes too complex.

Towry Law managing director Miles Standish says: “I am determined to create a positive long-term benefit for our consultants who, because of their high knowledge and skills base, are approached on a regular basis by our competitors.”

Syndaxi Financial Planning principal Robert Reid says: “It seems like a very sensible move by Towry Law. It will improve the income stream and this is what IFA firms will be judged on.”


FI&S takes over Friends&#39 funds

Friends Provident is to sell its retail fund management arm to Friends Ivory & Sime and is mailing its 1.7 million customers to confirm the details as it gears up for demutualisation. The company, which owns 63 per cent of FI&S, will sell its unit trust business in return for shares in the listed fund […]

Virgin Direct calls for genetic tests moratorium

Virgin Direct is calling on the Government to put in place a three year moratorium to prevent insurance companies asking customers for the results of genetic test. Virgin made its proposal to the parliamentary genetics and insurance inquiry, which is currently gathering evidence from scientists and insurance industry representatives. A survey carried out by the […]

Alliance & Leicester – Extra Income Fund

Thursday, 8th February 2001.Type: Unit trust.Aim: Growth and income by investing in corporate bonds and other securities globally.Minimum investment: £3,000.Investment split: 100 per cent in corporate bonds and other securities globally.Isa link: Yes.Pep transfers: Yes.Charges: Initial – 4 per cent Pep transfers nil , annual 1 per cent.Commission: None.Tel: 0800 0686699.  

Tax experts warn IFAs to tread carefully over IR35

IFAs have been warned to beef up their fact-finds or risk misadvising self-employed clients under new tax rules, according to tax experts. Tax specialists Taff Associates has warned that, under the new IR35 regime introduced last month, small to medium enterprises such as IFAs are vulnerable to criminalisation if they make mistakes on tax return […]


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