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Package bids to stop firms quitting

A package is being prepared by Misys with the aim of stopping firms quitting its networks in the two-year run-up to flotation of its IFA division in 2004.

It is planning to offer IFAs share options at the time of the flotation, as well as measures to offer benefits that cover recruitment, retirement an retention. Misys also plans a practice-buyout programme and a loyalty scheme to counter the threat of high-earning firms leaving the network to take up deals with product providers.

It will have to persuade firms that it is worth staying inside the Misys group when they consider which business model to adopt in the depolarised marketplace.

Outgoing Misys financial services division chief executive Ivan Martin says: “We want to make clear that IFAs will share in the flotation benefits. They will see a commitment from us in terms of recruitment incentives, loyalty and retirement options. Member firms will get options on shares at the time of the flotation, although how that will be worked out is yet to be determined.”

DBS member Jamieson Financial Management principal Bruce Jamieson says: “Of course, there is a risk of firms leaving, although I am not leaving. We were supposed to get shares in DBS when that was sold. We were supposed to get shares in Assuresoft. At DBS, they have been talking about retirement buyouts for six years. Do it then – we need action, not words.”

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