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Axa sounds out IFAs on linking up for multi-tie

Axa has been canvassing IFAs&#39 support for multi-ties, warning those left behind may have to accept fees and encouraging them to discuss their future with Axa.

The insurance giant has been writing to IFAs, saying major change to the market is on the way.

IFAs are asked to complete a questionnaire which asks if they would consider multi-tying their firm.

The IFAs are then asked if they are willing to discuss the future of their business with Axa and when would they like to be contacted.

The letter obtained by Money Marketing says multi-ties will make IFAs switch towards fees, which most clients are unlikely to pay. It claims that this could force IFAs to review their independent status.

Alan Goffin Indepen-dent Financial Manage-ment principal Alan Goffin says: “Axa seems to be jumping the gun with this letter and intent on raking in enquiries from IFAs.

“IFAs should be very careful about this kind of activity and act with caution until the review is completed.”

Axa spokesman Steve Muir says: “We have had discussions with IFAs about how changes to polarisation might affect the industry because the polarisation review is so fundamental to the way the market develops.

“It make good business sense to talk about the impact of possible changes. This was a local initiative to engage with advisers to see how they view potential changes.”


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