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Difference of opinion on advice/ sales split

I am amazed to see the comment allegedly made by Richard Hobbs that “there is no difference between a top tied adviser at St James’s Place and an IFA because it is the asset class and the asset manager that makes the difference. The wrapper is of no importance”.

Surely, the point of being an IFA is that the IFA places another search into the equation – that of which wrapper product is most suitable for the client.

A St James’s Place salesman is forced down the road of offering only his own company’s product and is subject to regular targets which will colour his judgement.

I would be interested to hear that Mr Hobbs has no axe to grind in this debate. However, I see from his website that he may have a lot to lose if the present FSA suggestions bear fruit.

David Curley
Director, Backhouse Independent Financial Services,
Lancashire

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