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IFAs set for an upswing

Macquarie head of financial planning John Baxter predicts a resurgence of IFAs as a result of changing market conditions.

Responding to a delegate prediction that there will be just 10,000 IFAs in the future, Baxter, who recently joined the Macquarie group to develop the firm’s advice capability, branded this as “tosh”.

He said: “I think we are in an ageing demographic, crumpling welfare state. With increasingly complex financial solutions, there has never been a more compelling time for people to have advice and I think we will see a resurgence of the professional advice sector.

“I think this is a huge opportunity for us to demonstrate the value and importance and just how crucial it is to have the services of a good financial planner helping you make decisions.”

However, Baxter said that over the last 18 months he has been disappointed in a lot of the conversations he has had with adv- isers who have failed to recognise just how much suffering clients are going through due to the credit crisis.

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Will the grass be greener for IFAs if the Tories come into power? Shadow Chancellor George Osborne is claiming it will.

Dying breed

It is clear from the announcements by Aviva and Legal & General that they have realised IFAs are no longer their willing salesforce and have decided to relaunch/grow their own tied salesforces. This is just the last breath of a dying breed that cannot realise the world has moved on without them.

Keep it real

While in Washington, I met up with Money Marketing’s former news editor Corey Boles. Corey is now with Dow Jones and is their man at the Congress.

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