Financial advisers are switching to a fee-based offering as they respond to the current economic downturn, research suggests.
According to a study conducted by Axa Winterthur, six in 10 IFAs currently run a commission-based business but a third intend to increase their fee-based capabilities over the next 12 months. Axa Winterthur says the shift is reflected in sales of its fee-based SIPP The One from Winterthur. It says the offering, launched in November last year, is now outselling its more traditional personal pension product. According to Axa Winterthur, this is a direct response to the current market turmoil, with over 75% of advisers being hard-hit by the economic downturn - a quarter of these claiming...
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