An email from one provider urging advisers to maximise sales in the last week of trail is "desperate" and in "poor taste", according to managing director of Yellowtail Financial Planning, Dennis Hall.
The email, sent this morning with a subject line reading ‘last week of trail', was distributed by platform service provider Capital Platform and aims to maximise product sales before the Retail Distribution Review (RDR), and its subsequent ban on commission and trail, comes into effect.
Darren Bedard, chief executive of Capital Platform, said: "This is an 11th hour service for advisers that don't have their QCF level 4 qualifications. We surveyed advisers that use our platform and 26% don't yet have their permissions. How will they make money? It's just an honest response to the market situation."
Hall said: "In my view this marketing is way off the mark. It is against the spirit of RDR and putting the customer first. Do these providers expect us to run around making sales to boost our trail commission following the implementation of RDR, this just isn't how it works."
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