View more on these topics

Ivan Massow ‘regrets’ 100% trail retention claim


Ivan Massow says he “regrets terribly” telling clients he would keep 100 per cent of trail following the demise of his trail commission return business

On the BBC’s Money Box programme last week, presenter Paul Lewis questioned an initial email Massow sent to clients which said the firm would keep 100 per cent of future trail if clients do not move to another adviser.

Massow said: “I regret that wording terribly now. I wanted to enforce the urgency, and the reality that the business was going to close. I will not keep 100 per cent, I will not keep any of it, it will just get lost in the mire of a closing business.”

He said the letter had now been superceded after Club Finance, which also offers commission rebates, took over the client bank.

Clubfinance will return 75 per cent of a client’s trail and retain 25 per cent. Massow’s service charged 20 per cent.

Massow added: “We have been careful not to allow this to affect clients. We have rebated all the fees that we took from them, and I think we have behaved honourably.”

Lewis said many advisers were unlikely to agree, and pointed to online comments on Money Marketing showing “the depth of hostility and anger towards Ivan Massow and his business.”

Essential IFA managing director Peter Herd also appeared on the programme, saying clients needed to focus not just on what they are being charged, but the level of service they are getting for those charges.

Another adviser, Simon Kershaw, also contacted Money Box, saying he had been an IFA for 18 years, and had “never knowingly lost a good client, even to ’commission-harvesting’ ventures such as Mr Massow’s.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm