Last October Callum McCarthy started a speech he delivered at Gleneagles by saying that in the 18th Century we exported our convicts to Australia. It appears that at the start of the 21st Century some (Australians, not convicts!) have made the return journey to preach the virtues of wrap to the UK market.
Now before you accuse me of being xenophobic (someone with a phobic attitude towards strangers or the unknown), I should point out that I don’t consider the Australian view of financial services to be particularly unknown. I have been on the receiving end of this story since becoming an IFA five years ago. It was even prevalent when I entered the financial services market, as a graduate, seven years ago. I suspect that tales of an advanced advisory market and the success of wrap in Australia serve a specific purpose for UK product providers. Their own wrap proposition has little real subs...
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