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Networks in offer to buy out retiring members

Networks M&E and Interdependence will use money from new partner Murray

Johnstone to buy out retiring members.

The businesses will besold on to members who want to expand.

Fund manager and venture capitalist Murray Johnstone became the major

shareholder in the networks when it contributed £7.25m to the recent £17m

management buyout.

M&E chairman Barry Kayes says the benefits of the plan are threefold. It

gives those retiring an easy exit route, it provides existing members with

additional clients and reduces the likelihood of quibbles over ownership.

Kayes also intends to use the money to give members increased

technological and marketing support to help overcome falling commission

levels by selling to a wider range of markets.

A range of software companies are being considered.

Kayes says: “IFAs are an ageing group and how to sell on is a major

concern for them. In addition, members must invest in technology so they

can sell to a wider range of markets and our marketing initiatives will

allow them to promote themselves without neglecting their core business.”


Friendly face of Foresters retires

Foresters Friendly Society chief executive Bob Pollard retires at the endof May after 27 years of service.Pollard, a former president of the Association of Friendly Societies,joined the Southampton-based friendly in 1973 as secretary of itssecond-biggest district.He says: “I have seen many changes but our traditions still remain firmlyin place – a sharing and caring approach […]

Standard mails members to show how mutuality outperforms plcs

Standard Life is firing the opening salvo in defence of its mutuality thisweek by writing to its 2.3 million members outlining how the mutual hasoutperformed its plc rivals.The mailing will claim the possibility of “one-off windfalls of uncertainvalue in two years do not justify demutualisation.The document will highlight how payouts from Standard&#39s life and pensionpolicies […]

PIA suspends four firms over financial resources

The PIA has suspended four financial advisers for failing to meetfinancial resources requirements.The firms are: Roger Smith Independent Financial Adviser ofNottinghamshire, Dotcom Pensions and Insurance of Manchester, ProfessionalAdvisers Investment Services of Guildford and Calland Insurance andMortgage Services of Lincoln. The companies have been ordered to stopconducting business.

The captain&#39s Ilog

The IFA Life Offices Group (Ilog) of the ABI was formed in 1995 and hasproved itself a success in promoting the cause of IFAs.The Pass review has been frequently acknowledged as one of the successfulIlogventures. It has not only helped in the survival of many good IFA firmsbut has also helped improve the image of […]


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