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Nucleus develops platform transparency guidelines
by Nicholas Paler on Jan 12, 2011 at 12:38
IFA-owned wrap Nucleus is developing platform transpaency guidelines to help members asssess different offerings.
Nucleus chief executive David Ferguson (pictured) said the paper, developed by Nucleus' advisory board, would examine platform providers' transparency, including charging and clarity of business proposition.
'This is about advisers assessing transparency when they [advisers] select a platform and there are a number of factors it will look at,' he said.
Ferguson criticised providers for not disclosing their commercial relationships with fund managers and said he expected advisers to demand more transparency.
'While many advisers were happy to accept this situation in the past those days are well and truly numbered,' he said.
'Modern, forward-looking, and truly independent advisers appreciate how difficult it is for them to claim to be acting for the client (who is paying for the service) when the infrastructure being used to execute the advice is ridden with bias. The transparency we have always campaigned for is about bringing those biases out in the open to create a level playing field so that advisers are able to make properly informed decisions.'
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2 comments so far. Why not have your say?
Mister Maker
Jan 12, 2011 at 14:10
I agree with most of what David says here - I think 2011 could be more important than 2012 in terms of adviser proposition and platform use. Crucial questions will need to be asked by both advisers and providers and it is difficult to see how the answers to those cannot contain a need for greater transparency and ongoing service. I'm not convinced that who the winners and losers in all this will be is as straightforward as many people believe.
Another much more important issue to be addressed this year however is for a new photo of Mr Ferguson to be used. It dilutes the "open and honest" mantra when personally you are hiding behind a picture clearly taken from the early 90s (or is it just testament to the power of the airbursh?).
report thisPaul Barnard
Jan 12, 2011 at 14:45
I agree with mist of what was said but hope they include a spillchucker too.
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