The RDR might be at the heart of it, or the attention that the regulator has been putting on industry problems may have led to some people reinventing themselves in a more innovative way.
We are about to see the “controlled” recruitment approach of Paradigm Partners, founded in April by Paul Hogarth.
The founder and former joint chief executive of Bankhall says it is time for a sea change in financial services with the hang up on initial and exceedingly high levels of indemnity commission having to be removed.
Hogarth says distributors need to move towards generating recurring income in their models and feels a partnership is the way to go.
He says historically, networks, nationals and large support service companies have been accused of creaming off profits that belong to the advisers, which have been largely achieved by them negotiating high initial commission rates by product providers.
Hogarth reckons by facilitating a partnership, in which the IFAs can share in the additional basis points negotiated directly with the fund managers, it generates more embedded value in their businesses.
Chandos Rose launched this week, with some more faces resurfacing.
The founders of retirement specialist Wentworth Rose – Philip Rose, Ray Peyre, Mark Chandler and Malcolm Thomas – have set up a new IFA firm Chandos Rose, which will specialise in wrap and pensions advice.
The firm will use Vertex subsidiary 1st as its wrap of wraps, allowing advisers to access the whole of the platform market.
Wentworth Rose, which was one of the five Aegon-owned IFA firms, later rebranded as Origen, was set up by Rose and Peyre in 1989, was renowned for annuity service deals in conjunction with a number of national newspapers.
And 2Plan officially launched this week, set up by former directors at Positive Solutions Chris Smallwood and Chris Davis. It is a technology-based national IFA that started trading on July 1 and currently has 25 registered individuals, with a handful more expected by the end of the year.
The firm, which is backed by Standard Life as a minority stakeholder, utilises tablet PC technology but says it is not just about the hardware.
The whole of market proposition will offer a full support and compliance function, daily electronic commission statements and is keen for advisers to make full use of its team of paraplanning and research expertise.