View more on these topics

IFAs are a soft target for the media

I am responding to the statement made by the Tory Shadow Work and Pensions Secretary, Philip Hammond, who said at the ABI/CBI event on pension reform, that “financial advisers have a worse reputation than anyone else in the industry.”

It is symptomatic of politicians, and much of the media, to jump on the bandwagon most likely to get them publicity, irrespective of the truth of their statements. It is a sad day when a politician such as Philip Hammond sees fit to knock financial advisers, and thus join the chorus of prejudiced parties whose hobby is to do just that. He is merely reiterating the platitudes continually put out by the press, who have been extremely biased in their reporting and, no doubt, working on the premise that it is bad news that sells. Too often, only half the truth is told and a head in the sand attitude taken to the majority of advisers who do a professional job and have highly satisfied customers.

In reply to his statement, I would point to the enormous progress that has been made in the last 10 years in weeding out the cowboys who have so often marred this profession. Much of this has been due to regulation and the insistence on minimum levels of competence as well as ongoing monitoring of the quality of advice given by advisers by such bodies as networks.

Our experience is that the vast majority of IFAs aim to have satisfied customers and can point to those customers having been with them for many years. Most of them are looking for referrals from their customers and they are only likely to get those if they are doing a good job for them.

Stanley Lovell

Group executive chairman

IN Partnership

Recommended

Pru retail sales are up but domestic business falls

Prudential delivered a mixed set of interim results, with double-digit growth in UK retail sales offset by a fall in the wider group’s domestic business. The firm reports that UK retail annual-premium equivalent sales increased by 11 per cent to £485m over the first nine months of the year compared with 2005. This was buoyed […]

University challenge

What an exciting time to be involved with the IFP, after an excellent conference where the new joint venture with Manchester Metropolitan University (MMU) was announced. The conference was oversubscribed and there was a tremendous atmosphere.

Canada Life offers aid on IHT

Canada Life has set up a dedicated technical team to help IFAs with estate planning and IHT mitigation. The firm says that with IHT thresholds not rising in line with house prices, more and more homeowners are being hit with IHT bills so the number of IFAs having to deal with IHT planning has increased. […]

Equity release sales creeping up, reveals Ship

Equity release sales rose slightly during the third quarter of the year. Figures from Safe Home Income Plans show its members wrote £295.1m in that period, an increase of 12.3 per cent on Q2 2006 but only 0.51 per cent ahead of Q3 2005. This contributes to an annual rolling year total figure of £1.13bn […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment