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BBB warning to IFAs on looming consolidation

Berkeley Berry Birch says few IFAs are thinking about the future direction of their businesses.

It has organised a series of events to discuss what it sees as the inevitable consolidation in the industry.

BBB directors will be touring six UK regions to discuss attitudes to consolidation in the IFA sector and the shape of the future marketplace. The sessions will include advice on broadening services to include tax planning, insurance broking and employee benefits.

Network division chief executive Richard Howells says: “Consolidation is accelerating and we are concerned that advisers are not keeping pace with new ideas. We want to bridge the gap. We want to tell them that consolidation is an unstoppable train but that we will be structured to take advantage of these changes.”

Simply Biz chairman Ken Davy says: “The strategy of consolidation will be neither desirable nor practical for most firms. My view is that the viability of small independent practices is going to increase far more significantly.”

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