On the tenth anniversary of FundsNetwork, Fidelity managing director of UK defined contribution and retail Gary Shaughnessy talks to Katrina Baugh about what the future holds for the platform.
Imagine you worked for FundsNetwork’s sales team when the platform launched ten years ago this month. Although the concept of the fund supermarket was well known in the US, over here in the UK it was a very different story. Advisers were sitting in offices surrounded by piles of paperwork. Every fund they recommended to a client had to be bought from the fund provider separately and more paper was generated. Only a few advisers were using email so most transactions were paper-based and fax machines and post rooms were frantically busy. Into this environment came FundsNetwork, which...
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