As further evidence of our continued commitment to build the business that our IFAs want to see, we recently saw the first annual Nucleus Strategy Sessions meeting.
A wide-ranging agenda covering issues such as investment tools and processes, client value propositions and the model IFA practice encouraged a lot of active discussion and debate and certainly gave us some strong pointers for the future.
I personally found the event hugely interesting and it was brilliant to see a group of like-minded individuals discuss the real issues that will have an impact on their own firms and our collective business in the future.
The past few weeks have also seen an increase in commentary about the issue of conflict of interest.
One company in particular seems to have become particularly vocal on the subject of IFAs owning shares in a wrap platform.
Although it is entirely clear that there are far greater conflicts of interest in some our competitors’ business models the more bizarre ramblings of some ‘competitors’ does suggest that they are running more than a little scared of what we are collectively achieving.
It certainly appears to me that the conflict of interest that is inherent in the current model is exactly why the life sector is in terminal decline and the IFA sector is going through such substantial changes - the commission model is broken and those who created it need to find alternative ways of generating a return on capital.
I am still of the opinion that the financial services industry has generally failed the UK public as the prevailing business model has been loaded against the consumer and speaking generally, IFAs have become frustrated at the life sector's continued insistence on controlling their proposition and the way in which their clients pay.
To be questioned for wanting to exercise greater control over your business and for putting up the capital to deliver on that goal is, quite frankly absurd.
David Ferguson is chief executive of adviser-owned wrap Nucleus Financial
The views expressed in this article are those of its author and do not necessarily represent those of the company he represents, IFAonline or any other Incisive Media affiliated organisation.IFAonline
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