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Bankhall seminar aims to draw DBS members

Bankhall is holding a marketing seminar for disgruntled members from rival DBS network offering them financial incentives if they switch en bloc.

Many members are up in arms about how they are being treated by DBS following the network&#39s increase in fees before Christmas.

Bankhall aims to exploit this, claiming it sees this as an opportunity to recruit new members to its Investment Strategies network by offering group discounts.

It will not put a figure on the incentives as it says this will depend on how many firms decide to join. In June last year, Bankhall reduced its average charge of 25 per cent of turn-over to 15 per cent for groups of ex-Prudential salespeople.

Bankhall says 15 DBS member firms have signed up to a meeting in Wentworth on January 24.

Bankhall operations director Tony Murrell says: “We have done this in the past for IFAs joining as part of a group and the incentives will depend on how many we sign up.”

New Life Financial Planning principal John Burnard says: “Some of the more disaffected members may go to Bankhall but it might just be jumping out of the frying pan and into the fire.”

Skandia&#39s takeover of Lynx parent Bankhall moved further to completion last week at an emergency meeting of shareholders. Friends Provident, which own a 3 per cent stake in Lynx, voted for the deal.

Norwich Union, which has a 4.72 per cent stake and is the lead provider to Bankhall members, abstained.

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