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Network targets fee-based advisers

Consumer demand for fee-based advice has prompted small IFA Paterson-Lloyd

to set up a network dedicated to fee-based advisers and those frustrated by

commission.

The firm of six registered individuals has offices in Croy^_don, Lancing,

Eltham, and Wallington and will be targeting IFAs in London and the Home

Counties.

Paterson Lloyd IFA Mal^_colm Paterson says the size of the firm means any

new entrants will be able to influence the way it does business in the

future.

Paterson will not initially be offering a central admin service but will

offer PIA auth^_orisation, a training and competence scheme and PI cover.

The monthly fee for a mem^_- ber who is the sole proprietor of his or her

own firm is 485. There is a joining fee of one-and-a-half times that

figure.

The firm does not operate product panels and says it will not claim

ownership of members&#39 clients. Paterson says: “We hope it will appeal also

to members of other networks frustrated by the continuing emphasis on

commission.”

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