BAT reflects the IFA sector – like a polling to the national vote, 849 IFA users is a decent sample. What are the trends?
Firstly decline: Standard Life dropped out years ago, and today Prudential, Royal London and Transact, dominate the numbers for FUM.
But over the last three years their proportionate share has dropped by half to just a forty per cent share. There are new entrants!
Amazing to behold is the growth of Quilter – 15% of new biz at BAT (measured by custodian) goes that way.
Why Quilter? As Old Mutual it was until recently a closed book life office and this Q is a spin off success. The funds and custody are mostly fed by their own adviser salesforce (which is not on BAT) and this feeds DFM, model portfolios and managed portfolio services.
But Q also dominate in the world of the independent.
All credit to former leader Paul Feeney, who left last year to lead Skerritts. Can he repeat the magic?
