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Network aims to free &#39imprisoned&#39 advisers

Bristol IFA practice The Kilminster group is setting up a new network which it claims will free advisers “imprisoned” in their existing networks.

The Kilminster Partnership will operate as a new division of the group and has already signed up seven firms and 20 RIs, increasing the group&#39s total number of RIs to 65.

Although it plans to offer compliance, training & competence and PI cover and will be regulated by the FSA as a network, Kilminster insists it will not operate as a conventional network and intends to increase to a maximum of only 200 advisers.

The partnership is in the process of closing deals with five more companies which will expand its coverage to Gloucestershire, South London, Southport, Kent and Cheshire.

It is hoping to attract 30 more firms with about 120 more consultants by the end of the year.

The partnership is planning to charge members initially on a commission-only basis but has set up both feeand commission-based payment options for the future.

Group operations director Stephen Gazard says: “Through our discussions with key figures within the industry, it became apparent that some of our most senior qualified individuals see themselves now trapped as prisoners rather than members within our networks that consistently over-promised and under-delivered and charged excessive fees for the privilege.”


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