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Clerical urges IFAs to move into wealth sector

Clerical Medical is urging IFAs to seize the opportunity to move in to

wealth management before high-street banks sew up the market.

The life office believes wealth management represents a massive

opportunity for IFAs, as they have the right skills to provide a valuable

service to their clients.

But Clerical says advisers must get in on the act now or face the danger

of letting high-street banks grab the winning formula and dominate the

market.

HSBC, Abbey National, Barclays are some of the high-street banks trying to

make a play in wealth management. IFA Lighthouse is one of the few IFAs to

make a high-profile move into the wealth management arena.

Clerical says current attempts at wealth management are not tackling the

market from the right app-roach and the services should co-ordinate other

advisers such as stockbrokers and solicitors.

It believes that wealth management is about managing high-net-worth

clients by providing a consistent relationship.

Clerical strategic marketing director David Shelton says: “IFAs must take

care or they could miss the boat. The majority of the market is not in the

position to make the most of it but those who are, given the existing

connections they must have, are sitting on a big opportunity. If they do

not act, high-street banks might just get it right.”

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