National IFAs will be first to become multi-tied if the proposed changes to polarisation are implemented, according to Misys IFA Services managing director Patrick Gale.
Speaking at the annual conference of Misys network Countrywide last week, Gale predicted that national IFAs will be first to set up multitie salesforces because they are likely to be acquired by life offices.
Gale says: “IFAs will remain the dominant distribution channel and the independent sector will stay strong but if changes to polarisation do happen and multi-ties do come about, life insurance companies would want to gobble up national independent advisers to buy distribution.”
Misys also believes that the salesforce structure, which includes product provider panels, will allow national IFAs to adapt easily to multi-tied arrangements.
But national IFAs say networks are better placed to multi-tie.
Millfield Partnership chief executive Paul Tebbutt says: “I am 100 per cent convinced that networks will be first to adopt multi-ties as all the major networks have panels in place and some hold beauty parades of providers.”
Towry Law product services director Charles Levett-Scrivener says: “National IFAs are used to demonstrating added value for consumers. They are under less pressure from the banks to go multi-tied than smaller brokers who tend to be network members.”
A series of new technology initiatives for IFAs were unveiled at the conference.
A PC-based tool, Mi-solutions, is being launched to Misys' 4,200 members at the end of the year aimed at helping them to manage client relationships and improve their marketing to existing clients.