I have in the past five years had the misfortune to be a member of one national IFA and two networks.The national retained a ridiculously high percentage of gross income that it become prohibitive to be associated with them while the networks silently slipped into administration along with my money. I am now in the process of registering direct. I would strongly suggest that any person facing the network or direct registration decision obtains the facts direct from the FSA and not third-hand information from recruiting networks. My advice to Stanley Lovell and all networks seeking actively to recruit is as follows:A commission collection service is not a positive. Drop it from your recruiting pitch. I waited up to two months for payment.Pay commission as you receive them or, even better, arrange for the networkmembers to collect the monies direct from the providers, they can then pay the network.Commit to true independence.Ensure all network staff are trained to a high standardMake sure all compliance issues are as required by the FSA. Do not add unnecessary tiers or muddy the compliance water.Setting charges, etc, always work on a transparent profit/cost ratio that is clear to all members.Put all retention monies into a designated account for the IFA membershipDrop the “You must attend this meeting” mentality. Most advisers are capable of structuring their own CPD without attending a session hell-bent on stressing the virtues of using abc products who just happen to be the sponsors of the meetingMost important, treat the membership as business partners. They are not employees. Martin CastlePFS,Cranham
House prices have fallen for the fifth time in a row, says Hometrack’s survey for November. Prices fell by 0.6 per cent for the second consecutive month. Registered buyers fell by 6.1 per cent.
I wonder if you could help me? Until recently, I understood that the definition of independence when reading from your initial disclosure document was very simply under the regulation of the FSA and was: “We offer mortgages from the whole market”. However I am now confused as we are a registered introducer with Alliance & […]
Baring Asset Management
Baring Directional Fund (US$)
Charcol’s co-founders look set to buy back the firm in the first week of December.
Holly Cassell, Assistant Manager of the Neptune UK Opportunities Fund The decision of the Federal Reserve not to raise US interest rates at its September meeting was met with surprise by many, and has been blamed by some as the chief catalyst for the global market volatility that followed. How does this affect the timing […]
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