Comment: Poor bank advisers cost IFAs more

No matter how much you try to persuade a consumer otherwise, they will still invest in or purchase financial products offered by banks regardless of their unsuitability. An IFA was asked for reassurance by an existing client they were right to sign up to a property fund inside an investment bond – paying the bank adviser 7.5% upfront commission by the way – which the client has been assured will pay 7% annually. The alarm bells instantly went off for the IFA, as he recalled this same bank published information recently suggesting the property market would only return 5% annually over the ...