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IFAs&#39 share of fund sales soars to 61%

IFAs took the lion&#39s share of unit trust sales last year with a leap from 48 per cent to 61 per cent of the market.

Autif figures show IFA sales rose by £8.7bn to £22.5bn from £13.8bn in 1999. Tied agents and salesforces saw their market share slump from 27 per cent to 20 per cent.

Despite the launch of several fund supermarkets in 2000 such as Egg and Fidelity, direct sales fell from 22 per cent to 18 per cent of the market.

Autif statistics also show that the Isa season got off to a slow start. Net Isa sales for December fell by 17 per cent to £480m from £580m in December 1999 and by 16 per cent from November 1999.

Industry experts predict that several of the big-name fund managers, which took billions of pounds on the back of the technology boom last year, are expected to find Isa season sales down by 30-40 per cent this year.

Michael Philips partner Michael Both says: “The increase in IFA market share is an absolute confirmation that unit trusts are becoming mainstream products and that people realise they do not just want advice, they want independent advice. It is a clear endorsement of polarisation.”

l Investment, p30


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Twefs offers education guide

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Totting up the number of staff at the Burns-Anderson Network recently, I realised that we had passed the 100 mark. As networks are marketed as service providers for their members, it was interesting to note that nearly three-quarters of the staff came from pension review, compliance and training and competency. I very much doubt if […]

Loosening the annuities

No one can deny there is a head of steam gathering on the annuity debate. The pressure is mounting on the Government at least to ease the rules which force individuals to buy an annuity by 75. One of the leading voices is Conservative MP John Butterfill, who has tabled a private member&#39s bill to […]


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