I came to page 13 of the September 11 edition of Money Marketing and the angels sang and heavenly light poured out as I read the article about fees and commission – Professionals prefer impartial fee-based advice.
What is wrong with these people? First, the implication is that we thousands of honest and hard-working IFAs who are paid by commission are not giving independent advice. Are we outraged?
Second, I suspect that the questions were loaded to give the required answer as evidenced by the phrase “97 per cent were prepared to pay fees…if they believed it to be impartial.”
If the question asked was: “Would you pay a fee if the advice you receive is impartial?”, then I am surprised that only a measly 97 per cent said yes.
If they were asked: “Would you be happy for your adviser to receive commission if the advice you receive is impartial?”, I would guess that a high percentage would also say yes.
Anyway, what fee are they talking about -£50 or £10,000?
Could we see what the questions actually were please so we can judge whether the survey was impartial?
I must express my gratitude to the people at True for trying to scrape us poor misguided souls out of the gutter and bring us into the light and holiness of the only true way of fees (plus VAT) for all.
Unfortunately, I will not be taking up their offer and will have to live with the fact that my clients from now on will not be appearing in International Who's Who.
PS: Last year, I employed a chap to dig up my garden and put paving down. He did a splendid job and, apart from providing him with tea and bacon butties, I paid him a fee for doing it so what is so “professional” about fees anyway?
Phil Gammond Partner
The Dunne Partnership,