IFAs put forward proposal for one page platform disclosure document

The IFA firms that own and control the Nucleus wrap have devised a proposal for a one page disclosure document they believe should set the standard for the platform industry. The proposal is part of a wider-reaching White Paper – Fit for Purpose Platforms…in Black and White – prepared by the Nucleus IFA Advisory Board with the intention of informing the debate around some of the more contentious issues regarding the development of the platform market and in particular those issues covered in FSA papers DP10/2 and CP10/29. The Board, chaired by John Moore, director of Aberdeen-based Central Investments, believes the proposed disclosure document it has set out strikes an appropriate balance between providing relevant information and ensuring data accessibility.  What is more it fits onto one page. Entitled ‘Key facts: what you absolutely need to know’, the proposed one pager has been designed to make it absolutely clear to consumers what they can and cannot do and also includes an explanation and summary of the charges the client would be expected to pay. Commenting John Moore said: “The Nucleus IFA Advisory Board believes that the Retail Distribution Review (RDR) presents a remarkable opportunity for the retail financial services sector to embark on a new relationship with the UK population. “Partly due to the disclosure of advice charges demanded by the FSA and partly due to the requirement for more tailored financial solutions, it appears widely accepted that platforms will provide much of the infrastructure to support the execution of the RDR. “We believe that by combining transparency with the significant advances in technology that we have witnessed over the...

Financial confidence among clients on the up, say advisers

Client’s levels of financial confidence will have increased by this time next year, according to a targeted adviser poll conducted by IFA-owned and controlled platform Nucleus. The findings, which are based on the views of 20 IFA firms which collectively have around £400m under advice, reveal that 70% of those questioned believe that levels of financial confidence among their client base will be at an increased level this time next year, while just 10% believe that confidence levels will have dropped. In contrast to the above, the majority of those surveyed displayed a marked lack of confidence in the new government, with 60% of firms unsure of the coalition’s ability to have a positive impact on financial services in the UK. The results, which represent the views of over one hundred individual advisers, indicate that IFAs do not believe client’s financial confidence will necessarily stem from the new government’s actions in the coming year. Commenting on the results, John Moore, Chairman of the Nucleus IFA advisory board and Managing Director of IFA firm Central Investment Services Aberdeen said: “At the end of the day, when someone needs financial guidance they will turn to a trusted independent adviser, someone who knows them and what’s right for their needs.  “Feeling more confident about your finances doesn’t necessarily stem from what the government does / doesn’t do, but from an empowered approach to your financial planning. The adviser / client relationship is becoming more and more important in this sense as a source of real engagement with an individual’s financial...