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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.”


Providers are withholding trail

I have recently read two articles on trail-based commission (Money Marketing, November 11) and, while I largely agree with the comments made, I would like to draw attention to the following. Neither of the articles made any mention of the need for providers to also change their stance. If the industry is now going full […]


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