View more on these topics

Plan Money to launch non-advised proposition

Peter Chadborn 480

IFA firm Plan Money is launching a non-advised proposition, Plan Direct, which will refer clients to comparison website for protection products.

Plan Direct will be available from January and will offer clients a route to buying protection products directly.

Plan Money and are currently working on a commission share arrangement which has yet to be finalised.

The firm aims to add non-advised investment and annuity options to Plan Direct in the future.

It says it will promote the advised and direct sides of the business clearly to ensure clients are aware of the differences between the two.

Plan Money co-director Peter Chadborn (pictured) says: “We want to enable clients to jump on and off the advice train according to their preference, and not force them through regulatory hoops for what they perceive to be simple transactions.”

Baronworth Investment director Colin Jackson says: “It is important for firms to make sure they can give clients a direct offering for those who do not want the full advice option. This is going to become more and more important for advisers to be able to offer.”


News and expert analysis straight to your inbox

Sign up


There are 9 comments at the moment, we would love to hear your opinion too.

  1. Peter is at the forefront of how smaller IFA firms will have to evolve. Having spent time with him his thinking is very sound. The word ‘options’ is going to be used a lot more in the coming years!

  2. The public deserves better than to have to resort to non advised websites, how will they know that the sums assured or levels of protection for IP are going to be adequate and sustainable and does the site take into consideration their current and ongoing financial circumstances, future needs etc.?

    It’s Ok for motor insurance but Life and other protection products need specialist assessment, will the plans need to be written into trust ?

    Can this website answer this.

    It would be more impressive if they offered a face to face service instead of trying to make a fast buck via non advised websites.

    The RDR is going to put professional and ethical advice out of reach of most ordinary families.

    Shame on you FSA for implementing such a silly and inadequate system.

  3. Ned Naylor | 6 Dec 2012 11:06 am

    Why is non-advised protection sales not ethical?

    Do you know how many policies sold by non-advised brokers are in trust?

    How much cheaper is it for the customer to buy the same policy from a non-advised broker than from an adviser?

  4. sounds sensible yo me.

  5. “for what they perceive to be simple transactions.”

    And this is the crux of the argument. Unless a client is fully informed how many are likely to choose waiver on their plans, indexation where appropriate, income protection over critical illness, family income benefit..etc etc etc.

    They may perceive the transactions to be simply, whether they should perceive them that way is another matter all together.

  6. Non-advice means no risk for the seller and no chance of compensation from the FSCS if the buyer gets it wrong. This is music to the ears of the regulator!!! There’s no wonder the regulator is guiding the industry down the non-advice model, given the headache caused by the banks pushing PPI under the banner of ‘advice’. Martin Lewis has made millions by cashing in on the public’s need for help, whilst somehow flying under the radar of regulation, so why shouldn’t Chadborn try to take a piece of this lucrative pie? If the public are stupid enough to shop on price comparison websites then all fool them. Feed them to the sharks, but expect to see plenty of blood when they make a mistake.

  7. You Get What You Deserve 6th December 2012 at 2:30 pm

    I think non-advice is a great idea! We live in a society where if you make a mistake it must be someone elses fault. Spend too much on your credit card – blame the bank! Have your insurance claim rejected because you failed to tell the adviser about your previous medical conditions – blame the adviser! Non-advice puts the responsibility firmly in the hands of the buying public. The educated amongst them will still seek advice because they understand the value of it. The dumb will shop on the Internet and buy on price only. If they get it wrong, so what!! CAVEAT EMPTOR

  8. Who are the sharks – the non-advised protection brokers?

  9. Cheap accidental death policy sales should start increasing again as they enable the dumb to buy the cheapest life cover without advice…… Just a shame they are unlikely to ever pay out.

Leave a comment


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