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Joke that&#39s no laughing matter

I never knew MM was a comic paper. How I laughed at the idea of a product provider dismissing IFA management and systems as a joke.

From my perspective, this description fits most product providers that knock on my door. Essentially, IFAs are a cottage industry and the last time we saw huge organisations such as Scottish Widows devour a similar industry was buying estate agents.

Apart from the banks, few if any of those purchases paid off. If the banks made the estate agency profitable, it was only through squandering squillions of shareholders&#39 cash.

I suspect though that they are treated as a lossleader to sell all the quaint and expensive products the banks foist on their customers. Where is Scottish Widows? A subsid-iary of one of those banks.

If we IFAs remember that as long as we provide a personal service where the customer is always treated with respect and courtesy and always given the impression that no task is too difficult for us to undertake on their behalf, we will be taking not 60 per cent of all business but 70 per cent. Then who will have the last laugh?

Kenneth Boyd

Boyd & Associates




BIA sets up support firm

Berkeley Independent Advisers is setting up an IFA support services arm for firms which do not want to pay for its set menu of network services. Berkeley Support Services will offer the flexibility to choose services while remaining directly authorised. It has held talks with 15 firms interested in signing up, with the biggest having […]

Exeter Investment Group – European Fund

Friday, June 13, 2002Type: Unit trustAim: Growth by investing in EuropeMinimum investment: Lump sum £1,000, monthly £40Investment split: Financials 29%, healthcare 11%, technology 14%,energy 13%, media, luxury goods and telecoms 13%, primaryindustries 20%Isa link: YesPep transfers: YesCharges: Initial 5%, annual 1.25%Special offer: Initial charge reduced to 3.5%Offer period: Until July 12, 2002Commission: Initial 3%, renewal […]

The new industrial revolution

The scale of infrastructure needed to support life and pension operations means many providers continue to endure systems and processes created for an industry very different to the one that exists today. Reductions in profit margins are finally laying bare the cost of antiquated information technology, outdated attitudes, bygone cultures and laborious processes. The life […]

ABI banks on reviews as it struggles with annuity tree

The ABI is believed to be facing an uphill struggle to develop a manageable decision tree for annuities because of the multitude of options currently available. It is working on a standard model for annuity purchase but is believed to be banking on simplification from the Pickering and Inland Revenue reviews to help streamline the […]


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