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Fees will not work for most IFAs

I refer to Julian Stevens&#39s letter (Money Marketing, May 23) issue concerning fees • commission is the first sensible letter on this debate that I have read. I wish I had the time to write similar letters to other interested parties.

I agree whole-heartedly with his comments and criticisms, which are well founded and hopefully thought provoking for the fee-encouragers.

Of course, fees will not work for the majority of small to medium-sized IFAs -it is totally impractical.

What client in their right mind (who is not a millionaire) is going to pay for the travelling time, phone calls (based on 15-minute units), meeting time, correspondence costs, reports, VAT, etc?

We know it will not work as we have tried this arrangement and all clients who were charged on a fee basis reques-ted to revert to a commission-based service again.

A fee-charging structure is for the IFA who provides an in-depth, possibly specialist service to a few well-heeled clients. It is not for us – the IFA looking after the hoi polloi.

It is just not going to work and I am quite sure I speak for the majority of smaller and medium-sized IFA firms.

Ronald Palmer

Rothberg & Co, Barnet, Herts

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