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‘PFS misses wrap point’

The Personal Finance Society’s wrap questionnaire has been criticised by IFAs who feel it neglected to include the main reason for using platforms.

The PFS is researching how and why wraps are being used. But one adviser says by not including “the ability to del-iver superior investment planning advice’ as a potential reason for using wraps, the PFS had bypassed the most important point.

Patersons principal Stan Kirk says: “It is very curious that one of the questions, ‘Reasons for using wrap’, does not mention the single most compelling reason of all – the ability to deliver a superior investment proposition. I would defy any IFA firm to be able to consistently and economically deliver holistic asset allocation, unfettered manager selection for each asset class and rebalancing when necessary across all tax wrappers without a wrap platform.”

But PFS public affairs director John Ellis says: “We did not want to lead the questions. There is an opportunity for advisers to include other reasons if they see fit.

“The whole object of the FSA’s investment retail review is to determine potential impact for consumers. This questionnaire is only a very small part of the project just to establish the facts.”


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The investment clock

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