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Cofunds blasts life offices

Cofunds has attacked life companies, claiming the only reason they want to get into the platform space is because they are “scared” of losing assets.

Speaking at the Cofunds annual dinner at the Science Museum in London yesterday evening, chief executive officer Brett Williams said he wants the platform to help advisers shift away from “big brand institutions” and help them: ” liberate investors from “poorly managed, expensive and opaque products”.

Williams said today’s iPod generation is used to being able to access bespoke products, selecting their own playlists instead of buying albums and the financial services sector needs to offer consumers similar choice and flexibility.

He said: “You don’t have to settle for stuff you don’t want, today you can pick and mix your assets and funds. You don’t have to go to a high street retailer, you can buy into a personalised plan for your unique financial journey.”

Williams added: “There is only one reason the life offices are venturing into the platform space – because they are scared.

“Poorly performing legacy assets are flowing out to platforms like Cofunds.

“Life offices regard us as a protagonist in a peasants’ revolt that has turned their world inside out and upside down.”

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