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Clients to stay with IFAs after multi-ties

Almost two-thirds of UK investors seeking advice would switch to an IFA if their existing adviser were to multi-tie, according to research commissioned by Fidelity.

Sixty per cent of the 426 investors questioned by Mori last month said they would move to a new IFA if their adviser multi-tied. More than half pledged to switch to an independently owned firm if their adviser was bought by a product provider.

In a further rebuff to the FSA&#39s depolarisation plans, 53 per cent of investors said they objected to having to pay fees for advice, with 63 per cent saying they would prefer to choose whether to pay a fee or allow their adviser to take commission.

Head of IFA marketing Rob Fisher says the find-ings highlight a flaw in the FSA&#39s approach of redefining independence around IFA remuneration although he believes the proposals will expand the market for high-quality advice.

He says: “Consumers believe that independence comes from a combination of adviser competence, clear disclosure, sound business ethics and personal integrity. It does not come from how they pay to get all of those things. But by opening up the entry channels, the proposals will expand the market for high-quality advice.”

Hargreaves Lansdown director Peter Hargreaves says: “The research proves it is a load of bunkum to suggest that if an IFA ties to enough providers then consumers will not mind. But it is too early in the process to start drawing any conclusions.”


UBS establishes global optimal fund

UBS Global Asset Management has introduced the global optimal fund as part of its foray into the UK retail market.The fund aims for capital growth by investing globally across 13 sectors and will be benchmarked against the MSCI world index. The portfolio is likely to be tilted towards financials, healthcare and consumer goods and industrials, […]

Positive moves

With-profits is a long-term business and so, it seems, is the FSA&#39s with-profits review. This is by no means a bad thing. With-profits is an extremely important element of our savings heritage, without which the current savings gap could have been a lot bigger.Some reactions to the review, including my own company&#39s, have been broadly […]

HBOS picks new fund directors

HBOS is appointing four new directors to its fund management arm ahead of the launch of the new brand this year.The new brand which will be created through the mer-ger of the asset management businesses of Clerical Medical, Halifax and Equit-able Life will have over £64bn under management.As part of the move, HBOS is setting […]

Mortgageforce and estate agent in advice link-up

Mortgageforce has signed a deal with Andrews Estate Agents to offer independent mortgage advice to its clients.Mortgageforce consultants will offer advice from the estate agents&#39 chain of branches in Avon, Surrey and London, supplementing Andrews&#39 salesforce of employed mortgage advisers.Andrews Estate Agents is the 14th-biggest estate agent in the country, with 42 branches in the […]

To be and not to be – Multi asset investing with conviction

At Pictet Asset Management we believe active management of asset allocation is the most important generator of returns. What is not to be in our portfolio is just as important as what is to be because good performance is determined as much by the assets you avoid as by those you hold. The FP Pictet Multi Asset Portfolio managers are not wedded to any particular […]


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