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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.


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