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IFAs believe commission will retain pre-eminence

IFA networks believe the menu will increase clients&#39 understanding of charging structures but do not think it will cause a significant increase in the number opting for fees.

Simply Biz chairman Ken Davy believes that the clearer the information the client has of the costs of different types of distribution for different financial services products the more they will understand of the advantages of having an IFA.

Tenet chairman Barry Kayes and Informed Choice managing director Nick Bamford both believe that clients will still opt for the commission model because the cost of advice will be clearer in all areas.

Kayes says: “IFAs will have to put forward their rationale of fees versus commission and I believe it will take the focus off commission. When customers see the figures broken down, they will still want to take the commission route.”

Davy says: “I support the inclusion of fees as well as commission but I do not anticipate that consumers will be selecting the fee option over commission in massive numbers although over time I think it is realistic to expect a gradual increase in the number choosing fees.”


Axa feels positive despite fall in life and pensions

The Axa Group has seen positive results for 2003 despite a flat performance in UK life business. Its group results show adjusted earnings of £1.4bn last year compared with £1.3bn in 2002, with UK life and pension business earnings down by £152m to £30m from £182m. New UK life and savings business was also down […]

L&G has the cure after NU fails medical

I am an IFA and wrote a policy on myself and my wife. Here is how the story goes. I have just bought a house and need life cover. With five weeks to completion of contracts, we take out the life cover with Norwich Union for £210,000. With three weeks to completion of contracts, Norwich […]


The Diary would like to warn readers against becoming too enthusiastic at conferences. It seems there was more going on at the Funds Network IFA Forum in London than just the usual fund manager chit-chat. The delegates got rather carried away with the conference&#39s Superstars theme. Things got so competitive that First State&#39s Richard Jones […]

Axa IM appoints two new fixed-income fund managers

Axa Investment Managers has appointed Gareth Isaac and Jamie Grant as fund managers on its fixed-income team. Isaac, who joins from Newton Investment Management, will assume responsibility for running multi-currency and liquidity portfolios while Grant &#45 formerly with the Commonwealth Bank of Australia &#45 will focus on credit derivatives. Both will report to UK head […]


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