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Mazars makes move to become fee-only

Accountant Mazars is moving its financial services subsidiary to a fee-only operation after appointing Paul Willans as new chief executive.

Willans believes depolarisation is a positive move for the industry, allowing firms to consider what he describes as fireball strategies on fees.

He believes the introduction of the payment menu means IFAs should no longer hide their heads in the sand and take the opportunity to rebrand as specialist fee-charging financial planners.

Mazars has 25 RIs and has a total of around 1,000 UK staff and 6,000 staff worldwide.

Willans says: “Change comes at a time when we see a true financial services profession emerging. There is merit in having face-to-face advice and building a relationship. This is where a true financial planner is needed, giving advice in an objective manner, something that is not offered by a multi-tie or the bancassurers.

“The benefits of the true independent financial planner are that people buy from people and you build a human bond with your adviser. The adviser is able to use a balance of personal and technical skill.”

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