I had no idea Peter Hargreaves was so clever (Money Marketing, August 16).
Fancy only 0.001 per cent of brokers understanding commission rates and
charges. I guess that must be Mr Hargreaves himself, standing,or should I
say towering,alone in the market.
I never realised Mark Weinberg was so ignorant of the marketplace either.
I suppose my recollections of the early 70s, when I was head of
advertising and sales promotions at Abbey Life are just fantasy. The
thriving broker division, dealing with all the top names, the massive
broker support of bond business, especially on those “appointed day”
deadlines,a certain Mike Wilson as head of the broker division -I don't
suppose he ever came to anything much.
I thought the unit-linked market, at least, understood the brokers quite
well. It lookedlike it when Albany Life started offering 6 per cent
commission on unit-linked bonds.
Brokers felt that the Albany products were definitely in their clients'
best interests and sold them in lorry-loads.
Granted there is greater opacity in the with-profits sector – at least
WYSIWYG with unit-linking – but I just wonder what Mr Hargreaves has
favoured over the years. Unit-linking, although, over 40 years old, is
still the new boy in many “old firms” way of thinking.
Still, Mr Hargreaves is so clever it is hardly a problem.
I just had a strange premonition – it surely cannot be the case that Peter
is going to change the name of his firm to Hubris Lansdown?
Derek Forbes Forbes Marketing & Management,By email