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Split roles could lead to grey area

Some firms may look to split the traditional advisory role between client relationship managers and technical specialists, according to the Aifa RDR paper.

It highlights the rise of the paraplanner and expertise of other non-client-facing staff within IFA firms. It says some firms may look to evolve specialities to create a clearer separation of roles with a split between client-facing relationship managers and non-client-facing technical specialists.

The paper says many management consultancy firms operate a similar approach.

Aifa says this could create a “grey area” over responsibility for advice which would have to be resolved. “The answer to this question depends on how far along the fact-finding and advisory process the individual travelled before handing over to a specialist and this will be different between each firm,” says the paper.

The trade body suggests advisers looking to leave the industry due to the RDR could look at other options, such as becoming an introducer or an introducer appointed rep to a firm.

Aifa says individuals would not be able to give regulated investment advice but could still work with clients and provide new business sources for the firm.


FSA warns on sale and rentback broker

The FSA has warned consumers that sole trader Mark Ainley may have advised clients into sale and rentback contracts without having the correct authorisation to do so. The regulator says it has been informed that Ainley, trading as Mark Anthony Financial Management, has entered into a number of sale and rent back agreements and in […]


Maguire says bid for Arch Cru compensation will fail

Cru Investment Management founder Jon Maguire believes IFAs will fail in their attempt to seek compensation from Capita for losses their clients have suffered through the Arch Cru range. Last week, Money Marketing revealed that around 1,300 complaint letters had been sent to Capita asking for the firm to refund their original investment in the […]

IMA looks at major shake-up of sectors

The Investment Management Association is conducting the biggest review of its fund sectors in a decade amid the substantial impact of Ucits III and the RDR. It is discussing how to accommodate funds that use wider Ucits III or non-Ucits retail scheme powers to hold alternative assets, many of which are not covered by sector […]

OPM cuts duplicate risk

OPM Fund Management says one of the advantages of its multi-manager approach to equity income funds is there is little “unintentional risk” in its equity high-income fund. Unintentional risk is the term OPM uses to describe an overlapping of top 10 holdings that could occur if an investor holds several equity income funds. The firm […]

Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


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