Restricted network Personal Touch Financial Services (PTFS) has rooted out about 200 investment and pension "dabblers" after evaluating their value and risk to the business.
About 200 of the group's 1,200 advisers have "stepped back" from giving investment advice or left the network following discussions with PTFS and the introduction of a monthly flat fee in November for its appointed representatives (ARs). The company had identified a group of mortgage brokers who were also authorised to give investment and pensions advice, but who only wrote small amounts of investment business. That group required extra case checking and additional training and were proving unprofitable to the business, PTFS commercial director Jonathan White said. The advisers ori...
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