Prudential UK is launching a consultancy service to help financial intermediary businesses develop, with a particular focus on assisting firms move away from over-reliance on front-end commission.PruConsulting is a free service aiming to help business owners map out a clear strat-egy to produce greater business efficiencies and develop profitable business models. Business consultancy director Jeremy Hackett has hired six management consultants, some of whom have been IFAs. They include one consultant from Australia, who has experience of the moves away from front-end to renewal commission in the more developed Australian advisory market. Having piloted PruConsulting in 2005, the firm found advisers are most concerned with issues surrounding remuneration and commission, profitability and the rise in compliance costs. Hackett says insurers have been seen to be increasingly depersonalised and remote, with a decreasing rate of face-to-face contact with advisers. It is hoped that the six consul- tants will be able to manage 15 firms at any one time. Business audits, collaborative workshops and business modelling are all available, typically over a 12-week period. Meetings are confidential and there is no cross-reference to the Pru’s sales team. Hackett says: “The new regulatory regime has created opportunities for different business models. But we have seen that most are playing it safe because of advisers’ concerns with regulatory change and a growing sense of isolation.”
Gross mortgage lending in December was the strongest on record, according to figures from the Council of Mortgage Lenders.This is despite the figure falling by 6% to an estimated 26.3bn. Yet this was 25% more than the 21bn achieved in December 2004 and is the strongest figure for December on record. The figures also show […]
Financial Express has set up its own fund ratings service, Crown Ratings. It uses a blend of quantitative and qualitative analytical screens, including measuring a portfolios volatility, consistency and returns against its benchmark.
Mortgage brokers are saying people will benefit further by investing in property rather than in shares over the next five years but only just.The survey by UCB Home Loans says of 523 brokers, 55 per cent thought property would give them higher returns, whilst 45 per cent preferred shares.According to Nationwide, the FTSE 100 grew […]
The FSA is offering A-Day information on its website to help consumers understand the changes to pension arrangements from April 6.
Neil Jones is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. A trust can offer significant advantages when an individual is […]
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Offsetting the cost of advice this way would benefit clients and advisers alike One of the multiple barriers to better take-up of financial advice is that some people are unwilling or unable to meet the upfront cost. In response to this, the government has allowed people to take small chunks (three lots of £500) out […]
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