Bankhall is urging its members to consider diversify into general insurance. It argues that the arbitrary divide created by the fact that the IFAs were regulated and general brokers were not has ended.
It believes that, as a business, it can take advantage of this and that its members can too. Bankhall adds that hundreds of its members never stopped being composite brokers and a model that many thought had had its day never really went away
It hopes that more members form partnerships, formally merge or hire in general expertise. It says there is client demand, an ability to meet all their needs in one place. It will also guard intermediaries against downturns in any one part of the market.
Sales director Shaun Godfrey also suggests that, out of the IFA groupings, only Bankhall & Sesame have the scale to deliver the support for such businesses, echoing previous remarks about multi-ties.
Certainly, the idea is interesting and may appeal to some IFAs if their owners and managers can afford the time to examine it.
Where intermediaries lead, it is likely that product providers will follow.