Nearly 75% of IFAs reject Green Paper initiatives
UK - Nearly three-quarters of IFAs do not believe that Green Paper reforms will increase retirement savings, a survey by The Exchange shows.
The software and services provider found that 72% of IFAs were sceptical about the Green Paper.
But the government’s biggest concern will be IFAs’ overwhelming rejection of its two cornerstone initiatives – selling simple and comprehensible products and the need to get people to start saving for their retirement.
More than three-quarters of IFAs (77%) did not expect to sell the much-vaunted “Sandler suite” of stakeholder products. They claimed there were insufficient incentives to make them “worth their while”.
In addition, 80% of those surveyed supported a mutual fund to provide for professional indemnity cover as many IFAs are struggling to get protection.
The Exchange also found that 54% still advise clients that with-profits are a safe form of investment.
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