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Network IFAs shun multi-ties

IFA network members are rejecting the idea of offering a multi-tie option, according to research from Henry Samuels Marketing Services.

Over half of IFAs would leave a network if forced to multi-tie, according to the research which is based on interviews with over 400 registered individuals who are network members.

Thirty per cent say they would switch networks if they disagreed with a network’s decision on multi-tie, 8 per cent would con- sider retiring from financial services, 8 per cent would seek direct authorisation and 6 per cent say they would move to another firm.

The survey reveals that only 1 per cent of network members say they are considering offering both independent and multi-tie channels, a masive fall from 34 per cent in 2003.

The previous survey, which was conducted in October 2003, showed that 50 per cent of network members wanted to maintain independent status but this has risen to 81 per cent on the new survey conducted in October 2004.

HSMS spokesman Henry Samuels says: “Despite many claims that being multi-tied is a better option for intermediaries, the majority still greatly value being independent.”

Ashley Law managing director Jock Cassidy says: “There are several reasons for this changing attitude. IFAs might have originally expressed an interest in multi-tie before the menu was introduced.Providers have not been particularly forthcoming in their offerings to advisers to join them. There are no apparent advantages in becoming multi-tie. IFAs waited to see what happened and who was offering superior packages. Now everything is a bit clearer so decision-making is easier.”

Shropshire Independent principal Rosemary Heaversedge says: “I would not stay anywhere that I was forced to multi-tie.”

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