We think BAT reflects the IFA sector – like a polling to the national vote, What are the trends in our 849 IFA users?
Note the decline of the big three custodians of your client investments. Standard Life dropped out years ago, and today Prudential, Royal London and Transact, who dominated the numbers.
Until now.
Over the last three years the proportionate share of this old guard has dropped by half to just a forty per cent share. There are new entrants and there is more choice. One number that is amazing to behold on BAT is the growth of Quilter – 15% of all new biz posted by our 849 IFA user firms is custody of FUM going to Quilter.
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. And yet they also dominate in the world of the independent. So in some sense they are just like SJP, with their own sales operation, but being open to the IFA sector has seen dramatic success too. A unique model. It is the closest you can get to insider dealing to hear it from a platform where the money is going. BAT say: BUY QLT based on their own fund flow monitoring.
We all talk about the magic bullet in financial services, and there it is, right under your nose.
BAT is customisable by design. It is the most exciting thing to hit retail financial services since ETFs.
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