In his enthusiasm to make his weekly column suitably thought-provoking, Nic Cicutti betrays a sorry lack of understanding of what differentiates the multi-tied agent from the true IFA, regardless of how the latter is remunerated.Virtually none of the public know or care about Aifa. It is just a trade body which IFAs rely on to argue their causes and grievances to the regulator (and heaven knows we need such a body). Most clients have no interest in either trade bodies or depolarisation (although they most certainly should understand the significance of the latter). Their principal concerns are whether or not they can understand the advice they receive, rely on the quality of that advice and whether or not its cost represents value for money, however they are required to pay for it. What a good IFA does, that in most circumstances the multi-tied agent never can (or wants to), is advise clients on the products they already have and what best to do with them for the future in the context of an overall financial planning strategy. For all the reasons that need not be reiterated here, like most IFAs, the number of providers whose products we recommend is quite small. But, like most IFAs, the range of providers with which we have dealings on behalf of clients who need advice and guidance on what they already have is very wide. Advisers provide advice. Agents sell. In the new, depolarised world, that is the most important message we need to communicate to our clients. Julian Stevens WDS IFAs, Bristol
Almost three quarters of parents opted for cash where providers offered both cash and stakeholder child trust fund options, according to the Building Society Association. In September, net receipts into cash CTFs totalled 10.9m, while over 259,000 cash CTFs have been opened to date.
The Chartered Insurance Institute has attacked the FSA’s proposals to shift responsibility for vetting new employees onto firms, arguing the move could increase misselling. In its recent consultation paper 05/10 on changes to the FSA Handbook, the regulator suggested dropping “customer controlled functions” from the regulatory regime where individuals are dealing with retail and wholesale […]
The JPMF overseas investment trust is to undertake a strategic review follow-ing the declaration of an 18.2 per cent holding in the firm by arbitrageur Carrousel Capital.
The Government’s U-turn on public-sector pensions will make the job of selling reform in the private sector much harder, warns Aegon head of corporate affairs Francis McGee. McGee says last week’s agreement between the Government and public-sector unions – which allows existing workers to continue to retire at 60 while the pension age for new […]
Simon Edelsten, manager of the Artemis Global Select Fund, examines the long-term trends that they have exploited since the fund’s launch five years ago. Looking ahead, he explains the stock-specific opportunities the team are finding. Click here for full article
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Three advice firms have stopped giving pension transfer advice following work by the FCA over the future of the British Steel Pension Scheme. A statement this afternoon details the FCA’s “information gathering exercise” to identify the firms that have been most active in advising people to transfer out of the scheme. The regulator got information from […]
The FCA has launched a consultation on its approach to authorisation and competition, which will be open to responses until March next year. Following the launch of the FCA’s mission in April, the approach documents are the second and third in a series of papers explaining how the watchdog tackles regulation. The first document, the […]