View more on these topics

Wraps could see client exodus

Advisers have been put on alert over losing clients to other firms as the wrap mar-ket becomes commoditised.

At the summit, Clerical Medical managing director John Van Der Wielen warned advisers that if they do not manage their clients properly, it is easier than ever for them to switch to a different adviser. He said: “All a customer needs to do is to get a change of authority. It is easy to change the name of the adviser and that to me is a risk for advisers. It is much easier than transferring their assets to another platform.”

Fidelity executive director of IFA channel Peter Hick said: “A move of adviser is largely triggered by whether the adviser has done their retirement planning for them. In the US, clients are likely to change adviser in the run-up to retirement.

“Five years ago, there was a suspicion that wraps would lead to disintermediation but that was a short-sighted view which has changed now. Wrap helps to engage the client and enhance the relationship between adviser sand client.”


Poll position

Surmising on what the “new normal” for the mortgage industry might look like , it is distinctly clear that it is abnormal. Announcements from MPLC , Inside Track, Edeus and Wave, among others demonstrate that we may still not be nearer the tunnel’s end than its entrance.


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