Firms with initial bias given credit crunch warning

Managing director Sheriar Bradbury says firms that mostly rely on initial over trail commission will struggle as the current climate presents fewer opportunities to write new business. Bradbury, whose firm has made 35 acquisitions since its inception in 1993, also points to research by True Potential which suggests only 16% of firms’ total turnover is based on renewal commission. He says his firm, which is part of the IFA-owned Nucleus platform set-up, will this week write to more than 300 other IFAs highlighting the potential impact of the economic slowdown on their businesses, and the...