IFAs should use depolarisation as a chance to recruit fresh blood into the business, says Bankhall joint chief executive Paul Hogarth.
He told the Sway conference in Monaco last week that depolarisation will present the perfect chance for new advisers to be recruited.
He believes new business models being presented by the change could help the industry to open to graduates.
Hogarth suggests that firms should have two arms to their business – an IFA and a multi-tied division.He thinks that firms should sell more mortgages and general insurance products as well as using the new Sandler stakeholder products which have a simplified sales process.
He believes that prospective advisers could sell Sandler products and advise on multi-tied business as they work their way up to becoming IFAs.
Hogarth says: “We are coming to a stage where one size does not fit all. For as long as I can remember, the number of IFAs working in the UK has not changed. You always hear IFAs complain that they cannot get any new talent. Well, we now have a chance to open the door and get new blood into the industry. We can get someone on board and get them selling straight away and there would be very little time when they are not working.
“Start by giving them a limited range, give them the Sandler products. Give them a chance to know the products. It is an opportunity to recruit good new staff.”