View more on these topics

US stockbroker to set up 400 IFA branches in UK

Giant US stockbroker Edward D Jones is planning a massive launch into the IFA market in a bid to become a top 10 broker in the next five years.

The firm is aiming to set up 400 UK branches by 2002 with the first eight due to open in January.

Jones has 4,000 branches in North America. It has a total of $140bn in funds under management and it expects turnover this year to exc eed $1bn.

The UK offices will be one-man high-street operations offering independent advice on share dealing, investment trusts, unit trusts, insurance and pensions.

The firm is keen to recruit IFAs and stockbrokers. IFAs who join the firm will receive a salary in the first year and then will be paid commission based on sales. They will also be paid profitability bonuses. Last year, the average income for the company&#39s US brokers was $120,000.

UK subsidiary Edward Jones managing director Allan Anderson says: "We are offering a different and unique distribution method in the UK as we will provide advice on individual shares as well as advice on products which IFAs specialise in.

"People will be able to get their financial services through one relationship."

But some brokers fear that such a move could put enormous competitive pressures on established IFAs in this country.

Yates Investment and Pension Services director Brian Hallam says: "This is another thorn in our side. Some IFAs have got stockbroker link-ups but a lot of customers do not want to mix the two types of business."


Axa puts its faith in global branding

Axa Group is planning to spend £100m between now and 2000 in an attempt to build its global financial services brand. It claims that there are no global brands in financial services and believes it is uniquely placed to take the mantle. The company is running an £8m campaign, including TV ads, in the UK. […]

Wide-ranging tax shake-up feared in Green Budget

The Government is expected to deliver a major shake-up of capital gains tax, inheritance tax and higher-rate tax relief on pensions in next week&#39s Green Budget. The consultative document to be outlined by Chancellor Gordon Brown is likely to have radical implications for best advice given by IFAs. The proposals will form the basis of […]


“I was hoping you wanted a prediction on the price of cigarettes or petrol, or would that be too easy?” – Labour backbencher Ivor Caplin, asked for predictions on the Individual Savings Account. “You twiddle it at the end and it changes colour, like a lot of things.” – Private Label&#39s Stephen Knight describing how […]

IFAs leading the way on high-net-worth business

IFAs are winning the battle to dominate the market for personal financial advice in the high-net-worth sector, according to an NOP survey. The survey of 1,000 people, commissioned by Radio 4, shows that over half of consumers in the higher-income brackets favour going to an IFA to help with their financial decisions. IFAs outscore banks, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm