IFAs deserve their pay-off from managers' success

CONTRARIAN INVESTOR

Call me cynical, but I had to smile last week when my stockbrokers emailed an invitation to participate in the Jupiter IPO.

My brokers never ever mention IPOs, except ones from people they clearly like and have a close working relationship with – my frequent attempts to get them to involve me in more mundane listings are usually met with gruff indifference and some mumbling about it all being too much bother. Their offer to get me in on the Jupiter IPO was much appreciated, although I chose to pass on the opportunity. Not because Jupiter is not an excellent asset management house – it is – or because I thought the shares were vastly overrated – they are not. My simple scepticism is based on the future busines...