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Burns-Anderson opens up a retirement route

Burns-Anderson has introduced a retirement service for its network members allowing them to sell their businesses on to the firm’s in-house IFA.

The service, which was announced at the Bristol-based network’s annual member conference held in St Andrew’s Bay in Scotland last week, will provide appointed representatives with an exit strategy and offer them additional revenue from their practices beyond the perceived value of their clients’ assets.

Head of marketing Adrian Lewis says if members are planning to retire in three years, all they have to base their retirement plans on is what the perceived value of their client bank rather than its actual value.

Lewis says client segmentation is a key feature of the retirement plan. He says rather than simply focusing on the higher-income cli- ents, there is often unforeseen value in lesser-serviced clients.

He says Burns-Anderson wants to encourage mem- bers approaching retirement to look at their client banks and segment clients into those that are serviced regularly and those that are serviced less frequently.

The part of the books serviced less frequently can then be taken over by Burns-Anderson which will continue to service the business and will pay an income to the adviser.

On retirement, the whole client base will be taken over by Burns-Anderson.

Currently, Burns-Anderson’s in-house IFA concentrates its efforts on clients within the more affluent Clifton area in order to not cannibalise its own members’ clients.

Lewis says currently there is not a huge member presence around Bristol, which prevents any competition. Managing director Nick Scarrett has four advisers working with him but this plan will provide allow growth while providing members with an exit strategy.

Lewis says: “All IFAs have to go on is what their clients might be worth rather than actual value.

“This service will enable them to not only continue earning renewal income from the clients they have nurtured but it will also enable them to recognise genuine value in their businesses and offer them an exit plan. It is also part of our recruitment strategy – advisers need to know they will receive value from the businesses that they have built up once they retire.”


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