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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.


Hotline claims to slash the cost oftax advice

IFAs can get tax advice for themselves and their clients on a new phone hotline ata third of the cost of visitingan accountant.Telephone tax specialist Experts Unlimited is offering advice on all areas of tax for £1.50 a minute or £90 an hour. The company says IFAs can save up to £50 an hour against […]

Newcastle Building Society launches online account

Newcastle Building Society has waded into the internet banking fray, by offering an account that pays up to 7.1 per cent interest. But the high rate is only available to account holders who deposit at least £10,000. Those who put in the minimum of £1,000 stand to gain 6.6 per cent interest. The rates are […]

Yorkshire offers Rapid route to mortgage repayment

Yorkshire Bank claims its new current account mortgage could potentially save borrowers a total of £180bn in interest repayments.The bank says the product can reduce the mortgage term by crediting repayments as soon as they are made.It plans to launch Rapid Repay on June 28 and claims to be the first lender to offer a […]

Decision trees are taking root

FSA associate Rob Warren says the regulator&#39s research on decision trees shows consumer concern over how the concept fits into the sales process but at the same timea positive feeling that the trees can help people make the right choiceThere has been much debate since the Government put forward its proposal for a decision-tree approach […]

Welcome to The Brunner Investment Trust PLC

Welcome to the latest update for The Brunner Investment Trust PLC from the trust’s portfolio manager Lucy Macdonald. Market Review Global equities ratcheted higher throughout February, buoyed by optimism about global growth and corporate earnings. All regions advanced, although Japan tended to lag many other markets. In sector terms, healthcare, information technology, consumer staples and […]


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