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IFAs&#39 onslaught at &#39second-rate&#39 broker consultants

IFAs have launched a blistering attack on broker consultants, claiming many are second-rate and not worth their big salaries.

Research shows consultants are being paid up to £75,440 a year in London and up to £55,150 elsewhere. Most of the high-earners are based in central London where 27 per cent of respondents earned over £100,000.

The survey, by recruitment service Paul Harper Search & Selection, reveals the average basic salary can be up to £27,230 and can soar to £75,440 with bonuses.

Maddison Monetary Management managing director Mark Howard says: “It is frustrating and disappointing to learn that some broker consultants are so heavily financially rewarded when some of them are worse than second-rate. Some of them should not even be in the jobs as they do not have enough knowledge to educate IFAs.”

Wentworth Rose managing director Philip Rose says: “I think this is where companies have to examine if they can reduce this layer of cost. Organisations have to truly discover if these costs are counter-productive.”

Harper Search & Selection says many consultants go on to become IFAs and often have to take a cut in salary.

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