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Fund supermarket moves have to be good news for IFAs

Just like going to Tesco or Sainsbury, IFAs will soon be able to shop

around when selecting a fund supermarket.

Fidelity has been joined by a new outfit, Consolidated Funds, financed by

four other fund management players. By November, when the new operation

launches, IFAs will no longer face a Hobson&#39s choice between direct player

Egg, which cuts IFAs out of the picture, and Fidelity.

Gartmore, Jupiter, M&G and Threadneedle have joined forces to create their

own project primarily because they are reluctant to join Fidelity. The

refusniks believe that signing up would hand too much power and information

to the “Big F”.

For IFAs, there is less of a threat. Both Fidelity and the new operation

allows themto white-label the supermarket as their own and both allow IFAs

to be paid commission. IFAs worried about Fidelity&#39s size and clout should

remember that, both here and in the US, Fidelity remains committed to

advice, even if, like most providers, it is not above accepting direct

business too.

But the initiative from Gartmore et al has to be good news. IFAs can now

expect the electronic equivalent of loyalty schemes and loss leaders

although highest on their wish list is probably a service that works

quickly with no bugs or admin blunders. The struggle will be intriguing as

both players and perhaps several more search for the formula that will make

them the Tesco of fund supermarkets and not Sainsbury, let alone Marks &


No matter who is the eventual winner, advisers should be grateful to both

operations for pointing the way for them to get a share of business in the

new e-commerce world.


Group to help IFAs build websites

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Wentworth Rose offers counselling for those made redundant

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Venture Capital Trusts outperform FTSE 100

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Standard and Poor&#39s lowers rate for top Jupiter fund

Jupiter&#39s Income unit trust has been downgraded by independent analyst Standard & Poor&#39s from the highest rating of triple-A to AA. At the same time, the fund has plummeted to rank 88 out of 91 equity funds in the UK on performance over the last year, according to Standard & Poor. It is still ranked […]

Derek Stuart: where to find value in the UK?

Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]


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