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Female IFAs to stay independent

Ninety-three per cent of female-led IFA firms say they are committed to remaining independent after depolarisation, with only 6 per cent planning to multi-tie, according to new research from the Women&#39s IFA Group.

The survey reveals that 36 per cent of the firms surveyed have already started changing their business strategies in advance of the implementation of the Sandler review.

Of those, 82 per cent are planning to specialise in either wealth management or long-term care advice while 18 per cent are moving in the non-regulated business direction.

Half are involved in some area of retraining, with 70 per cent of these working to complete their Advanced Financial Planning Certificate.

Only 14 per cent are currently charging fees but 35 per cent are heading in that direction, meaning that eventually half could be fee-based operations. Thirty-nine per cent work on a salary with a bonus and 56 per cent are self-employed within a network or directly regulated.

Wig surveyed 200 members in early June.

Wig chairwoman Fiona Price says: “Our research shows that women IFAs are not only incredibly committed to the industry but they are adapting and proactively changing their businesses in order to stay competitive in the new environment.”

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