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Ex-bank and society staff &#39will be new generation of advisers&#39

The next generation of IFAs will be former high-street bank and building society employees who decide to become independent, according to a panel of leading advisers and product providers.

Speaking at the Top 100 Summit, members of the panel of IFAs and providers said the Sandler suite of products, if adopted by high-street providers en masse, could mean fewer bank and building society employees needed to advise on products.

Scottish Widows intermediary and partnerships director Robert Wylie said these employees would be good recruits for the IFA market.

Although they would still have to retrain as financial advisers, they would be in a far better position to gain the FPC qualifications than new graduates.

Latest figures show the growing demand for independent financial advice is set to increase in the next 10 years.

Berkeley Independent Advisers sales and development director Hazel Hodge said: “To cover this need, the industry will have to recruit more new advisers but there is no indication in CP166 of where the new blood in the advisory pool is going to come from so perhaps it will have to be the high street.”

Panel member Clerical Medical strategic marketing manager David Shelton told the summit: “The FSA proposals for qualifications show advisers where they can specialise if they want to, which will particularly interest high-street employees who are already highly trai-ned and may consider a move across to independent advice if Sandler is adopted.”


Irish stakeholder has an initial charge of 5%

The Irish government is going ahead with its version of stakeholder pensions with a 5 per cent initial charge and 1 per cent annual charge.The Irish Pension Board will this week approve the new standard personal retirement savings account that is being billed as a low-cost option for people without a pension.UK product providers say […]

I don&#39t want to go to Chelsea

Cross-dressing is something that Money Marketing assumed was reasonably rare among fund managers (as in less than 10 per cent sport both a beard and lipstick) until recently, when the Diary was enlightened by Threadneedle communications director Richard Eats.It transpires that, as a wannabe Glam Rock star in the 1970s, Richard strutted his way to […]

Standard defends equity weighting

Standard Life has defended its pro-equity weighting amid mounting controversy about the impact on its financial strength.The company says its book of guaranteed business will not force it into selling more equities despite suggestions by life analyst Ned Cazalet that it might have to sell as much as £3bn in equities.At a meeting with IFAs […]

Life after N2

A flurry of FSA fines in December showed the financial services industry more clearly than ever that the FSA is serious about clamping down on instances of misselling, ineffective management and poor corporate governance. A year on from the introduction of the N2 regime, the FSA has not shied away from some high-profile naming and […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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