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IFAs use past performance despite warnings

The vast majority of IFAs turn to past performance to help them sell products despite the FSA proposal to omit it form its comparative league tables.

Research by Newton Fund Managers reveals 80 per cent of IFAs rely on past performance from product providers to help them sell products to clients.

The research also shows that fund manager visits and roadshows were discounted by the 200 IFAs surveyed when it comes to selecting products.

But 78 per cent say administrative support plays its part in the selection process.

The findings come as the FSA comparative information for financial services consultation report proposes that past performance should not be a key determinant of investment decisions.

But the investment industry is convinced past performance cannot be ignored and should be one of the key indicators when selecting a product.

Newton Fund Managers managing director Simon Wombwell says: “The research among IFAs is very revealing. Despite the report by the FSA that raises questions about its importance, past performance is clearly utilised by IFAs in order to advise clients and by investors to make their investment decisions.”

Jupiter sales & marketing director Steve Glynn says: “Almost every purchase a consumer makes is based on an element of history. There is no question past performance should play a part in the selection process.”


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