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Mentor aims to lure IFAs from networks

A new consultancy service for IFA practices based in Manchester is targeting firms looking to leave their networks.

IFA Mentor has negotiated special professional indemnity insurance terms to make a move away from networks easier for IFAs, in addition to a funding deal to help them bridge any cashflow gaps because of potential commission hold-ups.

The company has been working closely with brokers and underwriters prior to its launch to enable it to offer a PI risk management and assessment service.

IFA Mentor core services will include compliance, training and development, succession planning and business development.

Director Trevor Newham says: “A big question mark surrounds the levels of service that many traditional networks and other service providers are offering, with IFAs often being levied charges that are affecting the commercial viability of their current arrangements. It is our aim to offer an alternative. We believe the majority of IFAs would be better off directly regulated and that they should buy in the specialist support services that we are offering.”

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