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Inter-Alliance goestop with Lincoln buy

Inter-Alliance will become the biggest national IFA, with 1,850 registered individuals following the purchase of the 1,000-strong Lincoln tied salesforce.

It will eclipse rival Bradford & Bingley which has 800 RIs, although not all Lincoln sales staff are expected to move.

Inter-Alliance bought Lincoln&#39s UK salesforce last week for an undisclosed sum in a bid to become the biggest team of IFAs in the country.

The IFA claims the Lincoln salesforce generates commission income of £30m each year.

Lincoln says it hopes all its salesforce will take up the offer to move to Inter-Alliance and is offering “attractive packages” to persuade them.

The life office says the salesforce should see “significant improvements” in salaries once they begin work as IFAs.

The ex-Lincoln staff will undergo intensive training over the next two weeks.

Inter-Alliance says it hopes to have all 1,000 advisers trained and qualified within the next month.

Inter-Alliance has 850 advi-sers and makes a policy of taking advisers from direct salesforces rather than other IFAs. Around 80 per cent of its RIs were previously tied.

It says it takes on direct staff because they do not have any liabilities from regulatory reviews such as pension misselling. This means Inter-Alliance does not inherit any regulatory fallout from the reviews.

Lincoln UK chairman and managing director Bernard Brown says: “I am satisfied we secured a unique opportunity for our salesforce to join the fastest-growing and one of the most respected IFA organisations in the UK.”

Inter-Alliance group chief executive Stuart McGreevy says: “Our innovative national corporate partnership structure was developed to equip and enable direct advisers to transfer their skills into the independent sector.”

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