An IFA has attacked Standard Life for offering his investment clients direct deals.
Jordan Financial Management director Michael Jordan says a recent mailing is “corporate greed”.
He warns that the move also risks disrupting clients’ asset allocations as investment transactions will not go through the adviser.
He says: “Standard Life is trying to take the bread out of our mouths by going direct to the clients that we have introduced to them. This is a disgrace.
“When a client tops up the investment in this way, who is then looking at the asset allocation of the new investment and its effect on all of the client’s other assets? Not Standard Life, as they can only advise on their own products.
“They are charging the client exactly the same and doing nothing for it other than taking a cheque off the client.”
Standard Life PR consultant Lesley Davidson says: “These are purely educational mailings. We have sent out a total of 32,000 investment, pension and estate planning versions, all of which have been viewed positively. This is the only complaint that we have seen.”