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Nearly half of advisers reject with-profits

Nearly half of advisers have stopped recommending with-profits policies and 25 per cent expect to transfer more than three-quarters of their clients over the next few years.

Research by FundsNetwork, which surveyed over 300 advisers, found that although one in three still see a future for well managed with-profits funds, 49 per cent have stopped recommending them.

Nine out of 10 advisers have recommended a with-profits bond at some point and 19 per cent believe they will continue to be used in certain cases.

Forty-two per cent see with-profits bond policies as legacy investments that have no place in today’s open-architecture investment environment.

FundsNetwork is linking up with Cazalet Consulting and Tower Perrin Tillinghast to launch a with-profits review service later this year.

Head of FundsNetwork David Dalton-Brown says: “Our research shows that for some advisers, with-profits still have a place in some savers’ portfolios, reflecting the fact that by no means have all funds been badly managed. That said, most advisers seem determined now to assist clients out of poorly performing funds.”


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