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Bankhall lights the way for Lincoln staff&#39s IFA

Member services organisation Bankhall is setting up around 60 of Lincoln&#39s

direct-salesforce as a national IFA.

The new firm will be known as Lighthouse Independent Financial Advisers

and is expected to have full national coverage, including Northern Ireland

and Scotland.

The Lincoln advisers, who made the approach to Bankhall, will temporarily

become part of Bankhall&#39s nursery network Investment Strategies where they

will be trained as IFAs. It will take at least six months before the

salespeople can apply to the PIA for registration as IFAs.

They will then be set up in their own national firm which will become a

full member of Investment Strategies.

But Lincoln disputes the number of defections. It says only 11 of the

sales team have left and the only way thata total of 60 could be reached is

with the inclusion of administration staff.

Lincoln marketing and communications manager Ian Crowder says: “It is a

reflection of the changing marketplace. We are always sad to losepeople but

I certainly wouldnot call this a serious setback or obstacle for us.”

Bankhall head of operations Tony Murrell says: “This is a tremendous

furthering of our goal to be a substantial IFA network.” Bankhall has 1,200

firms and over 3,000 IFAs using its membership services.

It was recently bought by Ftse 350 software company Lynx in a £114m deal

which will see 800 members already in the nursery network receive windfalls

averaging £6,250.

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