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Put the focus on advice, not product sales

The September 4 issue of Money Marketing featured a long letter from Dave Harris, an IFA, whingeing about a client allegedly pinched from him by the Pru.

I am afraid I don&#39t have much sympathy. I have little doubt that he gave excellent advice. The problem appears to be that the client did not value the advice enough to be bothered about whether Dave Harris was paid for it or not.

Until advisers stop perpetuating the myth that financial advice is “free”, this type of scenario will continue to happen.

If advisers provide a professional, added-value, service, then they should make sure they have a decent fee agreement in place so they get paid for the advice, regardless of whether a product transaction is required – or who completes it.

When enough IFAs adopt this approach (aided, you will note, by the FSA) consumers might start to realise the true value and cost of proper financial planning advice and IFAs might begin to realise that it is independent advice they are being paid for, not product selection and sales.

Simon Pym Williamson

Broadway Financial Planning,



PMM loan introducer deal

Premier Mortgage Management is offering IFAs a “third option” before mortgage regulation starts in October 2004.The company is marketing IFAs with the concept of becoming a PMM introducer as an alternative to direct authorisation with the FSA or indirect authorisation via a principal.PMM says it a simple, cost-effective, more financially attractive option, with the cost […]

Brokers spell out tie-in dangers on cheap fixes

Brokers have criticised lenders offering cheap fixed-rate mortgages with extended tie-ins, saying the products should come with a severe health warning.The industry is concerned that, with all indications pointing towards a rise in interest rates, borrowers who take out a short-term fix with repayment penalties will be hit with a hefty increase in monthly payments […]


Get the hump

It was Midnight at the Oasis but no one was singing this camel to bed. It was more a case of one hump or two last week at the Polhill Moroccan party at the Kensington Roof Gardens where a bucking bronco-style camel was the star of the evening.Some refused to ride, muttering “bucking dromedary”, but […]

Lowest rental returns seen in London – ARLA

Houses outside central London and the south east provided the highest rental returns at 5.9 per cent in the three months to August, according to the Association of Residential Letting Agents latest quarterly survey. Houses in the south east saw returns of 5.2 per cent while central London saw returns of 4.8 per cent. Chairman […]


What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.


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