IFA network Berkeley Wodehouse Associates is to undergo a major corporate restructure which will see it split its business and become a plc.
As part of the move, the network will divide its business into two subsidiaries, with one offering its members a choice of full network services and the other an ad hoc consultancy.
The network, which has 220 RIs and 184 firms, is awaiting regulatory approval, which is expected at the end of March, to become BWA Holdings plc.
BWA Link will offer ad hoc consultancy services to IFAs who are directly regulated by the PIA and not network members.
While the other part will keep the Berkeley Wodehouse Associates name and operate as a full, traditional network.
It will also offer members shares in the company later this year.
The firm says it is aiming to double its turnover from £10m to £20m over the next two and a half years.
Berkeley Wodehouse managing director Malcolm Streatfield says: “The services side has been set up for bigger IFAs who are directly authorised by the PIA but want help with such things as compliance.”
Bankhall Investment Associates director Tony Murrell says: “This is recognition of the desire of an increasing number of IFAs to be freed from network restrictions. They want someone who can help their business rather than hinder it and assist rather than insist.”