Letters of authority (LoAs) and transfers remain a big barrier for those working in advice firms and financial planning practices, according to the latest report by The Lang Cat.
The paper, ‘A Fragmented World', examines integration - or the lack of it - in the advice industry and its impact. It highlighted LoAs and transfers as one main area in which "the fragmentation of clients' lives and the fragmentation of the industry are causing genuine harm". It found that advisers needed to create anything between five and 15 LoAs and agency transfer forms in order to be able to take control of a client's plans. These steps were also found to take several months, and 70% of the surveyed firms stated that the completed LoA process can take six months. The report also ...
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