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IFAs say they do not feel threatened

IFAs says they do not feel threatened by HSBC’s decision to multi-tie.

HSBC will be offering products from Fidelity, Gartmore, Invesco Perpetual,JP Morgan Fleming and Schroders but IFAs say they do not see the bank as a threat. Most IFAs argue that clients benefit from their breadth of thinking, not just access to any number of funds.

John Scott and partners financial planning director Amanda Davidson says: “I would see the HSBC multi-tie as the training ground for our next clients because their customers will eventually decide they need more comprehensive advice.”

Compass director Chris Morgan says: “It is a brave step by HSBC because they will be able to offer their clients more funds but I cannot see how it would be a threat to my business bec-ause HSBC are still limited to a number of providers.”

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