Monday, 15 October 2012 09:10
Ascentric polls finds advisers supportive of CIPs
Wrap platform Ascentric, a sponsor of the Institute of Financial Planning, has found strong support from advisers for centralised investment propositions.
Some 94 per cent of advisers attending the firm's CIP seminars said it was important they were able to offer a CIP to their clients.
However, 28 per cent said they were uncertain about whether they fully understood the procedures and due diligence requirements when using CIPs.
The seminars were held in Bath, London and Manchester and covered CIPs, discretionary fund managers and multi-managers.
The Financial Services Authority recently released a paper, FG12/16, on the rules surrounding CIPs and 84 per cent of advisers said they had had to make minor or moderate changes to their business following these clarifications.
Over half of advisers said if a desired DFM or multi-manager was not available on their preferred platform they would change platform. Some 75 per cent said they expected use of DFMs to increase post-RDR but had concerns about cost, client relationships and loss of control.
Mike Morrow, Ascentric's sales and marketing director, said: "Clearly CIPs will play an increasingly important role post-RDR and our seminars were designed to help identify the different options available and give advisers the opportunity to review these solutions and determine whether they fit with the needs of their clients following the FSA paper.
"With over half of advisers stating they would change platform if their preferred DFM or fund was not available, the need for platforms to offer wide ranging investment solutions has never been greater."
Some 94 per cent of advisers attending the firm's CIP seminars said it was important they were able to offer a CIP to their clients.
However, 28 per cent said they were uncertain about whether they fully understood the procedures and due diligence requirements when using CIPs.
The seminars were held in Bath, London and Manchester and covered CIPs, discretionary fund managers and multi-managers.
The Financial Services Authority recently released a paper, FG12/16, on the rules surrounding CIPs and 84 per cent of advisers said they had had to make minor or moderate changes to their business following these clarifications.
Over half of advisers said if a desired DFM or multi-manager was not available on their preferred platform they would change platform. Some 75 per cent said they expected use of DFMs to increase post-RDR but had concerns about cost, client relationships and loss of control.
Mike Morrow, Ascentric's sales and marketing director, said: "Clearly CIPs will play an increasingly important role post-RDR and our seminars were designed to help identify the different options available and give advisers the opportunity to review these solutions and determine whether they fit with the needs of their clients following the FSA paper.
"With over half of advisers stating they would change platform if their preferred DFM or fund was not available, the need for platforms to offer wide ranging investment solutions has never been greater."
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