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77% of advisers not looking to multi-tie

Most IFAs are not considering multi-tying following the abolition of polarisation.

The State of the IFA Nation poll found that 77 per cent of advisers would not consider multi-tying their business despite FSA proposals allowing firms to split their business between tied and independent.

More than half of the 23 per cent who claimed they would seek multi-ties said that this would only cover part of their business.

This group of advisers were pessimistic about their future in the industry, with most saying they would consider leaving the market if they could afford to. They predicted a poor performance for the coming Isa season and the majority felt that IFAs had not been treated fairly by the FSA in the last year.

National IFA Ashley Law managing director Jock Cassidy says: “We already offer the option of paying advisers on a fee or commission basis – the model which the FSA is going towards. I am not at all surprised by these results.

“Why should advisers opt for the multi-tied option when there are no advantages to them other than the possibility of extra support services, if they are lucky, such as technology?”

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