A former Thinc adviser has laun-ched a national IFA network with a flat annual fee and is hoping to take on 60 firms this year.
Former Lifeboat director Brian George has teamed up with ex-Lifeboat compliance director Ron Skinner and ex-Lifeboat and Thinc Assured finance director Bill Wynn to create Network Direct.
George says Network Direct’s proposition is different because it charges a flat fee based on the number of persons in the firm rather than a percentage of commission. He says this will help firms with fluctuating income to budget for fees which will begin at £500 for a two-person firm.
He says: “A lot of ARs have found themselves in trouble because there is a hole in the network model.”
Network Direct was granted FSA permission last week and has so far got two AR members. It says there are several more firms being processed.