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Consolidator offers options for IFA firms

A new IFA consolidator is looking to take over client books or help firms adapt their business model ahead of the retail distribution review.

West Sussex firm Proximity Financial, an approved appointed representative of IFA firm Harvey Curtis Associates, is offering to take over client banks of advisers wanting to leave the market, help them reposition their business or migrate clients that no longer fit their business model.

Advisers wanting to retire or quit can transfer their client bank for up to 50 per cent of renewal income and 20 per cent of any new fees generated.

They can choose to become a Proximity associate and manage ongoing client relationships on a non-advisory basis for up to 50 per cent renewal and 40 per cent of new fees.

Proximity is aiming for £20m-£50m assets under management within a year and £500m within five years.

The company says its model will satisfy FSA concerns over potential conflicts of interest in IFAs using consolidation vehicles, particularly with regard to putting clients on to platforms.

Director Tim Warren says: “We are not saying we are going to definitely load everything on to a platform. We are talking to a number of platforms, we think there is a case for aggregation of assets where appropriate but it is not one size fits all.”


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