View more on these topics

IFA shows value of advice with 50k boost

The Axa Avenue experiment has proved the value of financial advice, with IFA Saran Allot-Davey saving 10 families 50,000 over the course of a year.

Heron House Financial Management managing director Allot-Davey took part in the social experiment which was sponsored by Axa and she was able to reduce the debt of 10 families by 23 per cent and to increase their savings by 41 per cent.

The control group of 10 families that did not receive any advice saw a 3 per cent reduction in their net wealth over the course of the year.

But despite Allot-Davey improving their financial situations, only three of the 10 households said they would pay for advice from an IFA, saying it was too expensive without guaranteed returns.

Allot-Davey says: “The majority have set up some good habits for the future and have made significant changes in the short term but I have doubts about whether these habits will continue in the medium term without someone watching over them.”

Axa head of pensions and savings policy Steve Folkard says: “Our research shows that people do not see their savings pot grow until they spend around an hour a month planning and reviewing their money issues. Worryingly, a third of all UK adults do not review their finances at all.”


FSA warning that the Sipp clock is ticking

The FSA is understood to have only received a handful of applications for Sipp regulation, just three months before the statutory regime is implemented.The regulator is said to be concerned by the lack of applications and has been stressing the need for greater urgency.A spokesman has warned it may be unable to authorise firms which […]

Interest rates increased to 5.25 per cent

The Bank of England has increased interest rates to 5.25 per cent.The surprise quarter point rise comes after the November increase from 4.75 per cent.Alliance & Leicester head of intermediary mortgages Mehrdad Yousefi says: “A rate rise to 5.25 per cent at the start of the year has caught the market by surprise, particularly following […]

‘DB deficits offer opportunity for advice’

A-Day rule changes present a major opportunity for advisers with clients whose defined-benefit pensions are facing deficits, says Skandia.It says 26 million members of DB schemes could face shortfalls and will need advice. Figures from the UK Pension Trends Survey 2005 show that 89 per cent of DB schemes were in deficit in 2005.Concurrency rules […]

Seven Dials enters Fof arena with European property fund

UK commercial property analysts Seven Dials Consulting has entered the fund of funds market with a European commercial property fund.Until now, Seven Dials has focused on providing investment research and helping other companies to launch property funds on a consult-ancy basis. It sees the fund as a natural extension to the work it has been […]

Health - thumbnail

Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.


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