View more on these topics

Multi-ties are last throes of old age of industry, says Marr

Multi-ties will not bring any benefit to the consumer and are the “last throes of the old age of financial services”, says Origen chief executive Gareth Marr.

The head of the Aegon-owned national IFA has att-acked multi-tying IFAs, saying that for too long, the industry has been focusing on itself, squeezing out margins between distributors and manufacturers rather than focusing on what is right for the consumer.

Marr says that although multi-ties benefit the manufacturer and the distributor, they have no benefit for the consumer.

He says very powerful distribution brands are what will attract the consumer and argues that tied deals restrict distributors&#39 ability to focus on true advice.

Marr says the rush to multi-tie will still continue into next year but by the end of the year, it will start to “go wrong”, with tied and multi-tied distributors loosing business to true IFAs.

He says: “Not a single provider has convinced us that multi-ties will benefit consumers. They are the last throes of the old age of financial services.”

Sesame Group strategy director Charles Bry-ant says: “We have taken a very consumer-focused multi-tie view. Multi-tie will not be good for all consumers but those who traditionally bought from tied agents will now have more choice and better advice.”

Recommended

Resist the fee-dom fighters

I have some experience of fee charging, having created and managed a successful accountancy practice over 30 years before becoming involved in the IFA sector. The feeding frenzy indulged in by politicians and financial journalists, having died down for a while, has been whipped up again by the Treasury select committee&#39s report. So I would […]

Prudential – PruFund Investment Plan

Type: Smoothed unitised investment bond Aim: Growth and income by investing in a choice of two smoothed managed funds Minimum investment: Lump sum £5,000 Fund links: PruFund growth fund, PruFund growth and income fund Charges: Regular income option &#45 establishment charge 0.45% a year for first five years, annual 1.5% until year 10, thereafter 1%, […]

Greenshields has marketing licked

Former Scottish Widows head of communications Robert Greenshields and marketing consultant Brendan Llewellyn are starting a business which aims to help financial services companies develop their communication and marketing capabilities. Communication for Business will provide a range of services including coaching for teams and individuals, masterclasses run on an open or in-house basis as well […]

Abbey relaunches loan club with new services

Abbey for Intermediaries is relaunching loan club The Mortgage Alliance to cater for directly authorised loan brokers with support services provider Threesixty. TMA will offer enhanced services and facilities to help intermediaries adapt to regulatory changes as well as a new flexible compliance service tailored to meet the needs of individuals. The service will be […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com