Advisers selling stakehol- der pensions face compoun-ding their losses on this bus- iness by being forced to move their stakeholder cli- ents into Personal Accounts, warns Pensions IFA Richard Jacobs.The director of Richard Jacobs Pension & Trustee Services says many advisers have sold stakeholders with only a long-term prospect of making any profit. He says if and when Personal Accounts are rolled out, advisers will have to review all their contracts with existing stakeholder clients and advise them to move to Personal Accounts, for no commission. Jacobs, who says stakehol-der forms a significant part of his business, warns it will be difficult, if not impossible, for advisers to justify keeping these clients in stakeholder contracts once Personal Accounts are introduced. Jacobs says: “We have done the right thing by our clients and not advised them to go into higher-charging products. But despite this we will have to turn around to our clients and tell them to go into Personal Accounts. Many advisers will lose business.” Personal Finance Society public affairs director John Ellis says: “Advisers have tended to see stakeholder as an individual product when the opportunities lie in the corporate area. There is still an opportunity for them to advise employers on Personal Accounts.”
Creating a transitional serial interest by exercising a power of appointment should be carefully reviewed by most trustees
Consumers who have protection policies in place still face a 39 per cent financial shortfall if a breadwinner dies or becomes unable to work due to illness, according to research by Scottish Widows.
The Money Portal says it will look to maximise cross-selling opportunities between its different adviser businesses rather than run them as completely separate entities. The group comprises Bates Investment Services, Bates Millfield, Sage Financial Services, Willis Owen, GP Noble Trustees and Lifetime Estate Planning. Chief executive Richard Craven has delivered an update to members on […]
Legal & General is recruiting a chief executive to set up and run a new offshore division based in Dublin, Money Marketing understands. The firm has made no secret in the past of its aim to eventually enter the offshore arena but has never committed to a timescale for entry or released any further details […]
The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.
- Top trends
- Top trends
- Revealed: The FCA’s findings on ongoing advice
- How much are advisers charging for pension transfers?
- Lifetime allowance 2018/19 increase confirmed but pensions absent
- ATS staff departures continue as platform commits to improved adviser experience
- SJP trainee adviser banned and fined for faking qualifications
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]