IFAs across the UK have invited Ron Sandler to meet them face to face to
discuss how they do business before prejudging the industry any further as
part of his Treasury-backed review of the retail savings market.
In an open letter this week in Money Marketing, 14 leading IFAs urge
Sandler to contact them to talk about the issues raised in his consultation
The signatories represent IFAs of all sizes from networks to big
investment specialists to small commission-based practices and from all
corners of the UK. They vary as much in their views of Sandler's comments
on the industry as they do in the type of businesses they run.
As one, however, they collectively recognise the need for Sandler to get
out and talk to individual IFAs rather than rely solely on trade
associations to represent the views of the industry.
In his paper, Sandler says IFAs lack investment knowledge, rely too
heavily on past performance and claims their commission relationship with
providers confuses consumers and endangers the marketplace.
Positive Solutions chief executive David Harrison says: “This is another
example of Government-sponsored individuals seeming to lack a basic
understanding of the market and what normal people want. He should realise
the real constraint in the market is the lack of advisers, not charges or
Chartwell Investments associate director Patrick Connolly says: “Before
making comments in public, it would be sensible to learn about the ins and
outs of the industry and talk to those who operate in it about how they run
Open letter, p2; Review influences, p10; Our view, p12; Perspective, p20