Former In Partnership dir-ector Shin Yamada has lined up 20 IFAs to join his new network project called Keystone Advisers Partnership.
Yamada says he wants to get around 50 RIs on board and is offering a flat fee service which he says will beat most other networks for IFAs with annual turnovers of more than £80,000.
Yamada left In Partnership, the network he founded with barrister Julian Coles in 2000, last year after leading an unsuccessful takeover consortium for control of the 400-member network. He says the deal he was putting together valued In Partnership at £6m although In Partnership says that sum was never put on the table.
Keystone Advisers Partnership's charges are around £1,000 a month for a sole trader but the network will only take advisers which are technology-friendly and using 1st Software for their back office.
Yamada was previously Kestrel finance director and Millfield Partnership commission buying manager.
He says: “The offering is only for a niche market of IFAs who are using 1st Software and who run their business using technology. The model we are offering is a fixed charge for everything. Instead of paying 16 per cent of everything, you will pay £1,000 a month which for anyone turning over £80,000 or more will be a cost saving.”