PLATFORMS have for the first time become the largest distributor of ISA funds, according to new IMA figures, adding fuel to the argument that wraps will eventually dominate financial services.
According to the IMA, in 2006 38pc of gross ISA sales were through fund supermarkets, a rise of 8pc on the previous year and one that sees them overtake tied agents as the main distributor of the investments. Richard Saunders, IMA chief executive, described the findings as "a very significant change in distribution". "Banks have always been very strong in this area and have led the way for the last five years," he said. "But, in 2006, we have seen a change." Platform providers have hailed the development as proof wrap and fund supermarkets are the future of product distribution. ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
