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Broker Talkback

Do you think multi-ties could easily convert to IFAs?

Yes 55%
No 45%

Yes “I have known people who have moved from IFA to multi-tie and moved back after losing clients but it can be a messy business.”

Dhanda Financial principal Alok Dhanda

Yes “If they are using a number of different companies anyway, I do not see that it would be a problem.”

Nick Edge, Nick Edge Financial Services

No “I think a lot of multi-tie firms would find it difficult to go whole of market immediately. Multi-tie advisers are used to selling only certain products from certain providers so it would be quite difficult to change.”

Peter Collier, PJ Collier Financial Services,

No “There has to be a massive change in ethos and then lots of training and monitoring. It’s not an easy transition to make.”

Dennis Frank Allum, The Financial Health Bureau,

No “If they could change then why weren’t they just IFAs in the first place? A leopard can’t change their spots. No chance.”

Mark Bell-Berry, Chalfont Investment Consultants.

Yes “It will be an easy transition, but whether or not multi-tied advisers will want to go to the trouble is another matter. I doubt it.”

George Walter King, Optimus Associates.

No “Over time, they probably could but it is a big shift. Multi-ties are pretty much direct sales forces, product pushers. If you are a true IFA, the product is the end result, not where you start from.”

Michael Aitken, Magus Financial Management

No “I am sure that most could over time but because multi-ties are more transactional rather than service-based, I think it would the culture shift that would be difficult rather than the mechanics of offering whole of market advice.”

Tony Conner, Eldon Financial Planning

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