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DSFs are defecting to DBS

Network DBS is growing at a rate of up to 40 RIs a month, according to chief executive Tony Kempster.

DBS says 60 to 70 per cent of the new recruits are defecting from direct-sales offices such as Allied Dunbar. Kempster says Dunbar is losing one or two firms a month to DBS.

The remaining recruits are new to the game and join the Huddersfield-based network through its start-up programme.

DBS has recruited “a lot” of ex-Colonial salespeople after Colonial was taken over. DBS says the salespeople were attracted by the speed they could be processed into the network – six to seven weeks.

DBS has over 2,800 members. New recruits have to go through a training programme which depends on whether the adviser has competent designated individual status.

The network&#39s growth is part of a wider trend which has seen the number of IFAs grow at the expense of the direct salesforces. DBS says the total number of IFAs now tops 25,000, up from a low of 20,000 in the early 1990s.

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