Left Behind

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The financial services market has changed beyond recognition in the last 10 years, with the advent of platforms and supermarkets together with the total overhaul of pensions legislation. As a result, there isn't really a place in this new world for the traditional products, especially with-profits.

With-profits bonds and endowments have totally alienated their traditional client base through inflexibility, poor returns, high charges and MVRs. My opposition to with-profits investments is a matter of record, that since the turn of the century these products have been shown for what they truly are. Large amounts of money are moving towards platforms and multi-fund offerings because of their efficiency, fund choice and ease of management. Indeed, once money is within a platform or a multi manager offering it is highly unlikely it will move again to an alternative provider. All this has ...

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