FT Adviser (30/01/2019) – Scottish Widows has been accused of trying to poach an IFA’s client with a letter promoting the provider’s own advisers.
Scott Gallacher, IFA and director of Rowley Turton Private Wealth Management, was outraged when one of his clients received a letter from Scottish Widows suggesting the provider’s “fully qualified and authorised financial advisers” could help him.
The letter, dated January 24, was sent to Mr Gallacher’s client by Robert Kerr, head of Scottish Widows Direct.
Alan Chan, IFA and director of IFS Wealth & Pensions, said Scottish Widows should know which clients already have an adviser and which do not and send out appropriate letters to suit each customer.
Mr Chan said: “I’ve not seen such a letter or had any clients make me aware of this.
“If it was sent to advised clients too, I would be very unhappy with Scottish Widows.
“I can understand that it is a one-size-fits-all templated letter to all personal pension clients, advised or direct, but they should know which clients have IFAs and which do not.
“So if they are urging clients who already have an IFA to review their pensions, they should just encourage them to contact their adviser directly and have removed that paragraph about using Scottish Widow’s own, restricted, advisers.
“Talk about biting the hand that feeds them.”
Full article link: https://www.ftadviser.com/pensions/2019/01/30/scottish-widows-accused-of-poaching-ifa-clients/
