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Network setting up with share schemeto pull in 1,500 RIs

A new network plans to recruit 1,500 registered individuals in five years by offering advisers shares, low charges and state ofthe art technology.

The network IN Partnership wants to entice IFAs, solicitors and accountants who do financial services business and former tied salespeople by handing out a total of 700,000 shares in the new company.

Crawley-based IN Partnership received PIA authorisation at the end of July and says it has already signed up 12 RIs with a further 65 waiting in the wings and another 150 showing interest.

The network is headed by barrister Julian Cole and former Kestrel and Millfield Partnership member Sihn Yamada.

Cole says he envisages the network becoming a medium-sized player with 500 member firms and between 1,200 and 1,500 RIs. He believes this would not be too big to offer a “personal service”.

The number of shares that a firm receives on signing up with the new network depends on its size. The shares are valued at £2.50 but could rise to £8on development of thenetwork.

The charging structure, which Cole says is at the “competitive end of the scale”, is turnover-related.

The Synaptic Systems technology available to member companies will include daily commission statements and online reconciliation. Cole says he will also offer a compliance service and research support over the internet.

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