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Immaterial material

Like many other IFA practices, we have a reasonable number of low-cost endowments on our books and we are naturally keen to keep the better ones (which is most of them) going.

With this in mind, when we receive our copies of the review packages currently being issued, on any which indicate a possible shortfall, we telephone the life office concerned asking them for some printed material showing what policies of this type maturing during the post five or 10 years have actually delivered in terms of average annual rates of return.

We then issue these to clients to enable them totake a properly balanced view on their review package.

You would think, wouldn&#39t you, that life offices would jump at an opportunity to be able to issue such material and thus halt, or at least slow, the wave of needless and wasteful surrenders which must be taking its toll on such a valuable element of their policy bank?

Standard Life and Friends Provident have had no trouble in supplying us with an excellent range of material showing just what we requested. Others, most notably

Legal & General, do not seem to have a clue. All they issue is either nothing at all or completely irrelevant material (for example, marketing material on their with-profits bond?).

Eventually, after five days of abortive phone calls to L&G and empty promises that this time they had come up with the right goods, our contact admitted they do not seem to have anything available which corresponds with what we are after.

Now, just who are all these IFAs placing all this business with L&G, on the basis of which L&G proclaims booming new business figures year upon year? I just do not believe they exist and nor does anyone else to whom I have spoken.

Julian Stevens

WDS Independent Financial Advisers,




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