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Network chief says providers don’t have tech for multi-ties

Alpha to Omega chief executive Stewart Wooles says none of the main product providers has the technology systems needed to underpin a multi-tie.

He says there are problems with software standards and providers’ application forms.

Wooles describes the debate on multi-ties as a massive schism in the industry which can only be rectified with education and information on the options that are available to advisers.

In a survey of the network’s 30 firms, Wooles says members are interested in multi-ties but have yet to be convinced about writing multi-tie business.

He says he has written to the top 12 product providers but believes that none can demonstrate that they have a technology platform suitable for multi-ties.

Wooles says: “We are interested in multi-ties but I am yet to be convinced. I am trying to understand the models that providers are introducing and would like to look at alternatives but they cannot demonstrate the benefits yet.”

Wingham Wyatt Financial Services director John Kearney says: “There are still many grey areas. Advisers need to consider their options seriously before deciding which way they go.”

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