Be on your guard, the office here is alive with rumours of a new round of provider mischief.
Scottish Widows are rumoured to be cutting commissions by 50% on retail products.
One IFA client and business owner said “they intended to cut advisers commission on GPP’s back in July 2013 and they now aim to drive financial advisers to take products from the platform rather than retail products on offer.”
A separate source stated “Friends Prov are rumoured to be no longer paying out on investment bonds as well”.
The concern is that this could be part of a general push by providers to move away from retail products.
This year will be a time for IFAs to choose providers very carefully.
Well, all those idiots that continued to use life companies when there were better alternatives (for the past 10 years) will finally wake up and realise how stupid they have been