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Healthy profit made from changing rules

I have recently become a directly registered fee-only financial planner, having spent 10 years as a tied agent and 11 years as an IFA in a big network.

I now have an increased responsibility to ensure I main-tain an up to date knowledge of FSA requirements such as T&C, previously advised to me by my network.

I have been struck by a surprising similarity. When I first joined Imperial Life of Canada in 1980, I was taught to meet with the client, conduct a fact-find, (yes, in 1980) and then create a need in the client&#39s mind. “How would your wife manage if you sadly died, Mr Prospect?”

Having created the need,I then offered the simple solution – £15 a month for £10,000 of with-profits whole life. Not really solving the problem but a good deal for me.

In fact, I rapidly realised that a healthy chunk of term as a rider was even better for them but reduced my commission. Never mind, I made a sale and a client.

Where, then, is the similarity? Well, how about creating a set of rules that are then heavily policed by fear. Then change them, the rules that is, and offer a quality workshop to explain the changes to your terrified members and, of course, charge a large commission, sorry, fee, for the privilege of attendance.

The recent series of FSA workshops will, I am sure, be excellent but, with 35 attendees at £195 a head, they also look like a good bet for the FSA. I hope that the profit reduces our future subscription.

GC Matthews

Hayward Chambers Financial Planning,




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