View more on these topics

I don&#39t believe it!

If Victor Meldrew were an IFA and read Lorna Bourke&#39s article about

stakeholder commission (Money Marketing, July 19), he would have said the

same thing I did.

I can summarise what most IFAs must feel in three points:

1. We are now being told that even commission in the 1 per cent world is

excessive.

2. Lorna obviously does not understand how commission works because the

commission is a percentage of Lautro rates, not a percentage of the premium

Scottish Equitable would pay us (we are DBS members) – £920 for a

£3600 annual premium for a 30-year old.

3. Lorna obviously does not understand how commission works because the

commission is a percentage of Lautro rates, not of the premium.

I do realise that 2 and 3 are the same but I think it is an important

point. Innocent members of the public should be protected from inaccurate

journalism. Will this lead to the next “mis-not-taking-any-action-at-all”

scandal?

Phil Gammond

The Dunne Partnership, Cheshire

Recommended

Light up your website

One of the most important decisions for any IFA is who they should beusing to build their internet presence. In reaching such a decision, it isessential in my view that they opt for a supplier that has considerableexperience in the financial services industry. I have come across many situations in the past where advisers have […]

The Daley Update

Credit Suisse Asset Management is cutting the initial charge on its incomefund by 1 per cent to 4.25 per cent until August 31. The fund, managed bystar manager Bill Mott, has been one of the best performers in the pastyear, with a return of around 11 per cent for the 12 months to mid-July.Minimum investment […]

NM Rothschild to advise Positive Solutions

IFA network Positive Solutions has appointed international investment bank NM Rothschild & Sons to advise on future corporate strategy. Positive Solutions says the move comes at a time when it is confident of achieving its ambition to become a major force among networks. It currently has 350 RIs and a projected turnover of £15m for […]

Julian Gibbs

There is still a huge amount of long-term investment money deposited withbuilding societies – far in excess of what investors need to coveremergencies. The problem for investors is that interest rates have fallendramatically, with most banks and building societies paying less than 5 percent gross on most of their accounts and as low as 1.1 […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com