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Millfield picks six for multi-tie mini-market

Millfield is the first IFA group to finalise its multi-tie panel, with a tie-up with Axa, Friends Provident, Norwich Union, Prudential, Scottish Widows and Skandia.

Millfield expects that opting for its multi-tie, Millfield Alliance, will bring an additional 100 for every 1,000 of turnover for advisers but stresses it is also about improving service standards from providers. It anticipates that a significant proportion of its 1,800 advisers will multi-tie.

The six firms have signed five-year contracts with Millfield. All the providers except Norwich Union funded Millfield’s merger with Inter-Alliance through the provision of 15m in loans.

Millfield Alliance hopes to create a mini-marketplace where its panel members are in competition by not tying to providers for particular products but instead allowing them to contribute whatever products they choose to the multi-tie.

Millfield has considered three potential platforms – Assureweb, The Exchange and IFA Engine – to provide the technology behind its multi-tie offering and it expects to make a final decision by the end of the week.

Millfield advisers have the option to remain IFAs, to become multi-tied advisers or to take a dual-authorisation approach of multi-tie with a whole-of-market option for clients with more complex needs.

Millfield chief executive Paul Tebbutt says: “We wanted to get some certainty in place for our multi-tie as we felt we could not get into real detail until we had gone through the selection procedure. We are having our first all-party meeting on Wednesday and it will be very interesting to see how the six providers work together.”

Friends Provident director of UK distribution Simon Clamp says: “There will be very strong competition within the multi-tie – we will still have to perform and deliver good products and services.”

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