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Under the influence of providers

I disagree completely with Tenet Group’s Simon Hudson’s article (MM September 21). First, Mr Hudson’s ideas are based on the fact that no advisers are biased by commission.

If this truly were the case, then life offices would not raise or reduce pension commission payments depending on whether they wanted to increase or decrease market share.

There would be no “special offers” and 6 per cent commission on investment bonds and the like. The fact that these situations do exist is proof that a proportion of the adviser community is indeed influenced by commission levels of individual providers

Second, with the introduction of platforms and wraps, more IFAs have identified that they can have a clear and open relationship with their client, less tainted by commercial involvement with product providers.

I am an IFA because I am independent. As agent of the client, not the providers, it is not my job to “undertake some of the provider activities such as marketing” as Simon Hudson suggests, it is my job to advise clients on the pros and cons of different tax wrappers and the funds therein.

Advisers need to move further and further away from the providers and to be seen as the “honest broker” that our clients pay us to be.

Chris Petrie, Christopher Charles Financial Services, Northampton


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