View more on these topics

Letter to the editor: A second-class profession?

Why are platform charges percentage based?  Is it fair that a client should pay a fee based on the value of assets held on the platform as opposed to the service he receives? 

Come to think of it, why do many advisers still link their charges to the size of assets under management/advice? 

Surely if advisers are providing a service, the value of the underlying asset should be irrelevant to the cost of the advice. 

Does an accountant charge on the basis of how much profit a firm makes or a solicitor charge by the value of an estate within a Will? No, they charge on the basis of the time taken to perform the specified act. 

It is my opinion, that until our industry can truly get to grips with how we are remunerated, then we run the risk of being categorised as a second-class profession.   
 
Simon Torry
 
SRC Financial Services

Essex

Recommended

S&P Capital IQ considers fund research sale

S&P Capital IQ is pursuing “strategic alternatives” for its fund research business after finishing an internal review of its product portfolio. During this process, the fund research sector of the business will continued to be used to support existing clients. Established in 1990, the fund research sector has assessed both retail and institutional funds – […]

24

Old habits die hard: The RDR spin continues

Since Martin Wheatley took over as chief executive of the regulator we’ve seen a marked improvement in the way the organisation deals with the press. Wheatley appears to get the enormous benefit of allowing the media decent access to senior staff and the dangers of a slightly paranoid bunker mentality which often drove the regulator’s […]

Baker Tilly pulls out of RSM Tenon bid

Accountancy firm Baker Tilly has pulled out of its bid to acquire RSM Tenon but says it remains interested in a future deal.  In a statement to the stockmarket this morning, Baker Tilly says it still believes there is “significant value” in the RSM Group, which includes an accountancy arm and financial adviser business, and continues […]

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Actually, some accountants charge a percentage of the tax saved and A LOT of solicitors levy Probate fees as a percentage of the estate.

  2. Probate fees are always charged as a % of the estate with the solicitors we refer to.

  3. Where you are going wrong :- IFA’s unlike accountants and solicitors are not a profession, you are badly reformed insurance salesmen and churn specialists !

  4. @Anon 9.02
    If you have a problem take it up with FOS, you are sure to get your money back, otherwise buy a daily mail.

Leave a comment