View more on these topics

IFA says Money Portal failing to support switch

A leading Bates adviser has used the firm’s annual conference in Alicante to question the business strategy of parent company Money Portal.

Bates Investment Services chartered financial planner and media spokesman Andrew Elson was one of three advisers to give a presentation at last week’s conference. Elson criticised Money Portal for telling advisers to move to a recurring income stream but not giving them the tools they need to make the switch.

He says: “How can they talk about us moving toward a recurring income stream when they do not do it themselves? They keep saying they want us to earn trail commission but they are commoditising the services they offer, constantly cost-cutting to improve their bottom line. If extra services were introduced, we would pay for them.”

He says Bates’ advisers deserve better value-added services rather than the current cost-cutting and focus on higher commission rates.

Money Portal chief executive Richard Craven says: “It is up to us over the course of this year to give the advisers the tools and ability to change their business models. We have done enough talking and now we have to get on with it. This is what Andrew was saying.”


McFall says industry is finally on right road

Treasury select committee chairman John McFall welcomes the change in direction by the retail distribution review and reveals that the select committee is likely to hold an inquiry into the RDR this summer.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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