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Supermarket&#39s not so clean sweep

I read with interest the article about Norwich Union closing its fund supermarket after one year, having spent £230m to get 250 Isa customers.

If the figures are correct, that amounts to about £920,000 spent to attract each Isa customer who will be paying annual management charges of about £70 a year each, assuming that their Isa is still worth £7,000.

With hindsight, very few fund supermarkets have proved to be successful for the host organisation. While tumbling equity markets have taken their toll, the experience of Norwich Union clearly illustrates to Sandier and his friends that investors do not buy through the web without advice.

In the event that the person in charge of Norwich Union&#39s online supermarket budget has taken control of their distribution strategy relating to the acquisition of IFAs, I would love to hear from him as we have over 2,000 clients which would value our business at £1,840,000,000 on the same basis. My wife is already on her way to Bond Street.

Peter Kelsey


ABG Financial Management,

London WC1


Turning to technology

IFAs are increasingly coming to realise the benefits of technology. Technology that makes tasks like policy valuations and report-writing possible at the touch of a button are becoming invaluable.Allowing IFAs to access services quickly and easily has become the industry&#39s goal and straight-through processing of business is considered the ultimate aim, although this still has […]

Life is a closed book

Life is brutal. For years, you take everything it throws at you, yet show no ill effects. Then suddenly it all seems to catch up with you. That once trim body starts to flag, showing clear signs of its past mistreatment. Oh, how you wish that you had invested earlier in keeping your body in […]

NDF Administration – Protected Income Plan 2

Tuesday, 11 March 2003 Type: Guaranteed equity bond Aim: Income linked to the performance of the Dow Jones Eurostoxx 50 or FTSE 100 indices Minimum-maximum investment: £10,000, £7,000 Isa-£1m Term: Five years two months Guarantee: Original capital returned in full provided indices do not fall by more than 50% Return: 7% gross income a year, […]

Independent view

The single biggest problem facing IFAs today – what might that be? I imagine that many might think it is professional indemnity insurance.After all, it is difficult to get. Premiums are massively higher than they have been in previous years and excesses are such that IFAs are self-insuring and paying a premium. Only the biggest […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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