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Misys cash incentives aim to bring in new IFAs

Misys IFA Services is offering IFAs golden hello cash incentives to attract new blood and expand the business in the run-up to its flotation within the next two years.

Potential members, as well as existing members looking to expand, can claim £7,500 for the first new RI and £2,500 for each subsequent RI brought into Misys, with no upper limit on the handout and no restriction on spending the money.

New firms will get a free licence for IFA desktop software, mi-solution, being piloted by 120 users, which provides business and compliance support.

Members must achieve an average annual turnover of £8,000 per RI and the adviser must stay with Misys for three years, which will take them beyond the planned flotation.

These measures are the first in a raft of schemes expected as part of expansion plans introduced when Misys unveiled its plans to float in July. Further incentives for retention and retirement are expected to be announced before the end of the year.

Head of group communications Paul Charles says: “This is a great opportunity for new advisers to get some of the funding they need for a successful start in the industry. It will help to bring in the fresh, new advisers we need and for existing IFAs, it will help build the value of their business.”

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