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Most FundsNetwork business coming via IFAs

Fidelity&#39s FundsNetwork has taken the majority of its business through IFAs since its launch last June.

The supermarket also says it has negotiated two more white-labelling deals with IFAs. Wentworth Rose and the David Aaron Partnership will next week join companies such as Hargreaves Lansdown, Chase de Vere, Bates Investment, Best Invest, Torquil Clark and Towry Law.

The supermarket, which provides both direct and IFA services, has taken over £50m of business during the seven months since its launch, with over 2,000 IFAs now fully registered.

FundsNetwork is set to strengthen its IFA support over the coming weeks with a number of improvements to the site and several new links with IFA websites.

New condensed key features documents are being introduced at the end of the month, as well as extended paper services for IFAs which are not yet comfortable with the online process.

Fidelity marketing director David Cowdell says he is not surprised IFAs are providing the bulk of the business. He says: “We know from experience in the US that intermediaries tend to generate the maj ority of business through supermarkets. There are many advantages for the IFA. We expect this trend to continue.”


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