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Lay down foundation for fees

Looking to move to a fee-based model but don&#39t know how? Enter Winterthur Life&#39s Fee Based Advice competition in association with Money Marketing and we will help show you the way.

Over the last few years, we have seen the traditional remuneration model under threat. Commission incomes have been on a downward trend while the cost base of running an IFA practice has been going in the opposite direction.

IFA practitioners have to consider how they can work in an environment that is not so reliant on commission. The business model that has served us so well for so long will no longer be able to take us forward.

Unless fees, along with other types of income including commission, fee offset, trail or fund-based, forms part of the IFA practice&#39s income, it is very hard to see how that practice can be viable in the future. The days of large (and mainly unprofitable) client banks, with practice income by way of high commission generated by the few cross-subsidising the majority of clients, cannot continue. It&#39s simple maths.

Working in partnership with Winterthur Life, Fee Based Advice is an organisation formed to assist IFAs who are either already operating on a fee basis or who are looking to progress their business into an environment where they are less reliant on commission for their income.

IFAs need to decide how they can offer their clients the services they are used to and, more important, get paid for the work that they do. However, there is no need to reinvent the wheel. FBA, through its highly acclaimed training foundation scheme, has already helped numerous IFA practices develop a strong and sustainable business model for the future.

FBA believes that there is not one prescriptive way of operating under this new model. Why should there be? After all, we are all starting from a different point, we all have different skill sets, different overall objectives, clients and so on. Whatever your position, Winterthur Life and FBA can help.

The trainers within the FBA Foundation are themselves practising IFAs who have already made that transformation from commission to fee-based income. Winterthur Life and FBA believe that it is only by analysing what others have done that IFAs can see how to make the necessary changes.

So, if you know you must move to fee-based advice, why not enter Winterthur Life&#39s FBA competition for the opportunity of winning top-drawer membership of FBA and more? The prizes include:

•1st prize – full membership of FBA for one year (worth £3,600) inclusive of Foundation courses.

•2nd prize – FBA Foundation membership (worth £2,400).

•3rd prize – one practice manager&#39s course (worth £500).

If you would like more information on fee-based advice, visit www.feebasedadvice.co.uk. More information on Winterthur Life can be found at www.winterthur-ifa.co.uk.

To enter, please complete the attached coupon, answering correctly the two questions, and send to: Fee Based Advice Competition, Winterthur Life UK Ltd, Winterthur Way, Basingstoke, Hampshire, RG21 6SZ. The closing date for all entries is June 30, 2004.

TErms & Conditions

1. No purchase is necessary.

2. The competition is open to all UK registered IFAs aged 18 or over.

3. Winterthur Financial Services UK Limited employees, agents or their immediate families may not enter the competition.

4. No more than one entry per person.

5. By entering, entrants will be deemed to have accepted and agreed to be bound by these terms and conditions.

6. To enter the competition, you must answer two questions about fee-based advice correctly. These two questions can be found in this article.

7. The entry period for the competition will be from May 20, 2004 until June 30, 2004.

8. Winterthur Life will not accept responsibility for entries late, lost, delayed, mislaid or damaged in the post. Proof of posting will not be accepted as proof of delivery. Entries that are altered, illegible or not in accordance with the terms and conditions of entry will be disqualified.

9. The winners will be drawn at random from all correct entries and will take place by July 16, 2004.

10. The first entry drawn will win the first prize of full membership of FBA for one year inclusive of foundation courses, the second drawn will win FBA Foundation membership and the third drawn will win one practice manager&#39s course. Further information about the prizes are available from Winterthur Life&#39s marketing department.

11. Winners will be notified within seven days of the draw by telephone or post.

12. The prize is non-transferable and there is no cash alternative.

13. It is a condition of taking part in this competition for the winners to give consent for their name to be published and/or notified to other entrants and interested parties following the draw. The winner must be prepared to appear in post-prize draw publicity, free of charge.

14. Details of the winning entries can be obtained after the closing date by writing to: Marketing Department, Winterthur Life, Winterthur Way, Basingstoke, Hampshire, RG21 6SZ, enclosing a stamped self-addressed envelope.

15. No other correspondence will be entered into concerning the result and the judges&#39 decision is final.

16. We reserve the right to amend these terms and conditions or to vary the prize at any time, if necessary, without notice, if in our reasonable opinion events or circumstances outside our control make this advisable.

17. Winterthur Life is authorised and regulated by the Financial Services Authority.

Entry form

FSA no: …………………………………………………………………

Title: ………………………………………………………………………

First name: …………………………………………………………….

Surname: ……………………………………………………………….

Company name: ……………………………………………………..

Company address: ……………………………………………………

Postcode: …………………………………………………………………

Tel no: ……………………………………………………………………

Fax no: ……………………………………………………………………

Email address: ………………………………………………………….

Please answer the following questions. Tick one box only for each question.

Question 1

Name the company Winterthur Life works with to provide fee-based advice training for IFAs a) Fees and Advice r

b) Fee Based Advice r

c) Fees Plus r

Question 2

What is one of the disclosure documents commonly known as?

a) The menu r

b) The options r

c) The choices r

I would like a Winterthur Life business development manager to contact me to discuss fee-based advice r Please send me further information on Winterthur&#39s fee-based advice training courses and support services r You understand that we will process the personal details you give us in accordance with the Data Protection Act 1998. You agree that we may use your details for business analysis and relationship management and we may pass them within the Winterthur Group and to Fee Based Advice for those reasons. If necessary, we will pass your details on to regulatory authorities or other third parties if the law requires us to do so. We may send you information in future about other products and services offered by the Winterthur Group by post or by email if you have given us your email address above.

Please tick this box if you do not wish to receive information in future r

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