View more on these topics

IFAP rejects tarnish claim

IFA Promotion has hit out at Capital Asset Management’s claims that the IFA label is “tarnished” and says that this does not reflect consumer views.

Speaking at Money Marketing’s wrap and platform round table recently, CAM managing director Alan Smith said his firm would do anything to disengage with the IFA brand.

But IFAP chief executive David Elms says Smith’s comments do not accurately reflect the public’s perception of IFAs, which he insists is strong.

Elms says: “I understand that he wants to differentiate himself in the market but I do not think he should make statements that fly in the face of reality. We have 10,000 people per week contacting us looking for IFAs.

“This looks like a personal vested interest to me and it does not marry up with the reality of the market.”

Smith says: “We very much support Ifap and the work it does but, in my experience, many people who have dealt with IFAs want something different.

“The situation at the moment is that IFAs generate commission through product sales. We are trying to differentiate ourselves as a business that focuses on financial planning and wealth management, rather than the sale of products.”

Recommended

New business up at L&G

Legal & General (L&G) said today its worldwide new business had increased by 3% against the same quarter last year, as its British unit trusts business also showed growth.The insurance giant said its worldwide new business was up to £382m against £372m in the first quarter of 2008.The firm added its funds under management had […]

US loan growth is not painting a pretty picture for the US economy

Written by Mike Riddell One of the current big debates in global financial markets is whether investors should believe ‘hard’ rather than ‘soft’ data, where the usually reliable business and consumer surveys have been suggesting strengthening in global growth momentum for some time now, while the economic data that feeds through into the Gross Domestic […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment