A broker consultant is offering to pay advisers to hear them pitch its client's product.
Fund distributor Conduit Financial Solutions says it will pay IFAs £50 for a phone call lasting less than five minutes, with the money donated to a charity of Conduit's choice.
"The sure-fire way to convince someone that you value their time is to pay for it," says partner Ian Millward.
The move comes after IFA Yellowtail Financial Planning revealed a controversial policy of charging broker consultants and product providers for meeting requests.
London-based IFA Yellowtail says it charges consultants £150 plus VAT for an hour of its team's time in a bid to cut down on "wasteful" meetings.
But Conduit's offer values an hour of an adviser's time at four times that, a sign of the company's confidence in their client, says Millward.
Conduit is a new outfit, launched earlier this year and currently promoting a multi-manager absolute return product launched by Blacksquare Capital.
"Conduit's biggest issue has been securing time with advisers who do not already know us," Millward says.
"Quite rightly, IFAs are busy seeing clients and have talented staff trained to protect them from approaches by product providers," he adds.
The £50 offer will be open to the first 100 IFA firms that respond and will be open until 11 July. The chosen charity is the One Foundation, which works with communities in Africa.
Conduit says it chose the One Foundation to tap into excitement over the World Cup football tournament, which is currently underway in South Africa.
But the gimmick has not won over St Albans IFA Ian Lees, of Ian Lees & Co Asset Management.
He says: "If a rep wants to come and talk to me about their products then they should pay me for my time. It's not up to them where that money goes."
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