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Advisers favour direct status over network membership

Just over a quarter of respondents thought advisers should be part of a network

Social-Networking-Technology-Organisation-Chart-700x450.jpgDirectly authorised status is more than twice as popular as network membership among advisers, a Money Marketing poll suggests.

Of the 169 advisers that responded to the poll, 58 per cent said advisers should opt for directly authorised status.

More than a quarter, 26 per cent, said advisers should be part of a network, while 16 per cent of respondents were unsure.

Consolidation among networks has resulted in deals between Intrinsic and Caerus, and vertically integrated firms Sanlam and Tavistock Financial so far in 2017.

Networks such as Openwork and St James’s Place have reported significant increases in adviser numbers in recent years. Combined, the pair have around 7,000 advisers on their book out of the roughly 25,000 operating in England and Wales.

Some other networks, such as Tenet, have appointed representatives as well as offering services to directly authorised advisers.

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