Not all advisers think a relaxation in the regulations around commission is a bad thing, according to a survey carried out by adviser management software company Intelliflo.
Asked for their views on the speculation that the Financial Advice Market Review (FAMR) may lead to commission being reintroduced for investment products, only around a quarter (23%) of the 200 advisers who took part in the survey said they thought it was a bad idea and would be a backward step for the image of advisers.
More than a third (37%) said they thought it may be a good idea but it would depend on which products it relates to and how it has to be implemented. Almost one in 10 (8%) said they thought it was a very good idea.
Only around a quarter (23%) said they were unconvinced the reintroduction of commission would be in the best interests of consumers.
Nick Eatock, Intelliflo’s Executive Chairman comments: “Advisers who traditionally helped people with small amounts to save via commission-based products now find they can’t service this type of client. The fee-based model doesn’t work for them because there is resistance from clients to writing out cheques for advice upfront. Many advisers believe this is creating a barrier to helping people invest for the future and is fuelling the growing advice gap.”
For more information please contact Jo Rimmer at Redspark PR on email@example.com or call 07970 088 383.
Notes to Editors:
Intelliflo (www.Intelliflo.com) has been providing information technology services to financial services companies since its formation in 2004. Its leading web-based business management software, Intelligent Office, helps financial businesses large and small to improve efficiency and increase profits. Intelligent Office supports over 1,600 firms and 14,650 users with assets under advice of £243 billion (as at 31 December 2015).
In July 2013 HgCapital, a leading European private equity investor in B2B technology companies, became a majority shareholder in Intelliflo Ltd. HgCapital has a wealth of expertise in developing web-based software businesses and is committed to supporting the next phase of Intelliflo’s growth.
In March 2015 Intelliflo was listed among the top 25 best performing privately owned technology companies in the UK mid-market. The list is compiled by Megabuyte’s independent and highly-regarded research team and is based on financial performance and long-term potential.