Carl Lamb calls upon fellow advisers to take a responsible approach to client charging
With the prospect of being forced out of the industry by the end of 2012, many advisers who have, for whatever reason, opted not to go down the Level 4 qualification route may feel justified in maximising their sales income in the interim by adopting high initial commission levels of 5% and above. By combining this with a strategy of churning client money – moving pensions and investments without sufficient justification from the client’s perspective just for the commission hit – unscrupulous advisers could award themselves a golden handshake as they bow out. In a nutshell, the very real...
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