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Mortgage Advice Bureau adding IFA arm

Mortgage Advice Bureau is developing an IFA business to offer pension and investment advice to mortgage clients.

Chief executive Peter Brodnicki says it will use the thousands of leads provided by the mortgage and protection business to identify clients who may need further advice. He says: “Our objective is to farm that data and create an IFA arm for pensions and investments.”

The new arm, due to launch in early 2009, has not been named but will operate under a different brand from the mortgage business.

Brodnicki says he expects some of MAB’s brokers to expand into these new areas of advice. He says: “Those with the appetite and opportunity to expand their business by taking on advisers experienced in this area will handle their own leads. Others will not but they can introduce those people and get some form of income from it.”

Money Partners director of communication Bob Sturges says the move into fully regulated advice may prove difficult for smaller brokers although it could work for MAB.

Sturges says: “It is a very sensible move. I think a well organised, well structured business should have little difficulty moving across.”


Melting pot

Over the past few years, the FSA and the Treasury have been trying to improve the annuity position for those retiring with a money-purchase pension. It is important that they get this right. The at-retirement market is set to explode in size, with Watson Wyatt predicting that it could rise from £13bn today to £49bn by 2017. Most people in this market will buy an annuity with their pension pot.

Fosh moving to Liontrust

Julian Fosh is to join Liontrust UK equities team.
 The former Saracen fund manager will work with Anthony Cross, who runs the UK small-cap process.


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