Providers will scramble to buy distribution ahead of the Retail Distribution Review (RDR) and will buy up IFA businesses "left, right and centre", delegates at this year's Institute of Financial Planning (IFP) conference heard today.
Transact chief executive Ian Taylor said providers were so used to being able to buy distribution through commission they would act decisively to retain that position ahead of 1 January. "Life offices are used to buying and controlling distribution more so than platforms and fund managers. There will be a last minute hoovering exercise - they can preserve legacy commission for quite a long time." He likened the run up to RDR to the Cold War, with a prediction that "1 January is when the shooting starts". He also predicted a "client scramble to execution-only" and consolidation in t...
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