Succession has hit out at insurers claiming they are launching platforms in a bid to protect assets rather than a desire to provide a service for clients.
Speaking at a Defaqto RDR conference in London last week, Succession chief executive Simon Chamberlain said: “There are dark forces at work, mostly in insurance companies, which are perpetuating the myth that you need massive scale to deliver a proposition.
“The insurance companies out there that have launched their own platforms have not suddenly found God. They did not get into financial planning because they thought it was great for the public. What they have done is launch platforms to try and protect their existing assets.
“IFAs and wealth managers can work together in collective groups to lower the cost to the client, the cost of technology and the cost of fund management, because all of those things are commodities. The only thing that is not a commodity is the reason clients do business, which is trust.”
Plan Money director Peter Chadborn says: “The flow of the supply chain is changing for the better and forward thinking planners are beginning to see providers and services as commodities that can be replaced where necessary.”