Former director of Park Row Group, Tim Newman, has started a new adviser network, Sense, with members from the investment, mortgage and protection markets.
Newman says Sense offers “value for money, capital value and a balance of autonomy and prudence”.
He says: “We have created our new venture by working closely with two key strategic partners. Technology is being provided by Intelliflo and compliance support is undertaken by Threesixty. We believe each to be the best in their field.”
Sense had 35 member advisers at the end of September and hopes to grow rapidly.
Newman says: “There are three primary recruitment markets for us – existing members of networks who are dissatisfied with poor support and higher costs, directly-authorised firms who would prefer to be supported by a host firm and break-away groups from regional and national IFAs.”
He expects networks to increase in popularity following the implementation of the retail distribution review.
Newman says: “The FSA made no secret earlier this year that life was going to get tougher for small directly-authorised IFAs and this has since been reinforced by the RDR.
“The trend away from networks to direct is already reversing for certain types of intermediary and it may very well be that the glory days of networks are in the future, not the past.”