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Internet-based network for IFAs

Virtual Net (Europe), a new internet-based IFA network, is to launch this month with 50 registered individuals.

The network aims to capitalise on growing discontent among IFAs by offering members a choice of charging structures, loan facilities to ease the handover period and the opportunity for equity ownership.

Members can choose between pay as you go, flat rate and commission-based charging and have access to a loan facility of £30,000 to ease the exit from their current network as well as preferential banking facilities with HSBC.

The network can also provide instant commission drawdown and instant compliance decisions thanks to IT systems which have been tailored to suit IFAs&#39 needs identified in research commissioned by the company.

Legal & General is a strategic partner and will provide support for technology development.

Virtual Net chief executive Junior Sobowale says: “Our research found that people liked the idea of a network but thought they just had not changed since they were founded. This is going to change the way the industry does its business.”

Legal & General group director (UK operations) Robin Phipps says: “E-commerce is a key element of our strategy in the intermediary market and so the Virtual Net initiative is to be welcomed. We hope that many IFAs will take the e-commerce route.”

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