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IFA Consortium will face the ‘flinch test’

Intermediary collective IFA Consortium will hold its official launch on November 29.

Chairmen and chief executives of each of the four distribution groups – Pi Financial, Falcon Group, Financial Synergies and Financial Services Adv-ice & Support – will present business plans to product providers.

The consortium expects around 50 attendees, including providers’ national account directors, to hear its intentions on how the four companies will work together while maintaining a competitive edge – which Pi Financial marketing and development manager John Beale refers to as the “flinch test”.

The launch will outline how the IFA firms will work with providers and what it expects to achieve in terms of commercial deals, best practice and general industry communication.

Beale expects that other IFAs and networks will amalgamate to form their own collectives to benefit from economies of scale for training, negotiations and research. He says the idea is a natural extension of one-man band IFAs merging to form small firms.

Beale says IFA Consortium will give providers the chance to speak to all four management teams at once, making for more efficient use of time for senior management teams while giving intermediaries more bargaining power.

He says: “This is us standing together showing a united front. It is rare to have leading names from different firms standing alongside each other. Hopefully, this will happen while ensuring the identity of each firm does not get diluted.”

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