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‘Panel will offer 20% more commission than for IFAs’

Thinc and Destini have unveiled the first three of five providers for their multi-tie panel and confirm their merger will go ahead subject to FSA approval.

Friends Provident, Clerical Medical and Aegon through Scottish Equitable are on the panel and two final firms are expected this week.

Thinc chief executive officer Simon Chamberlain says advisers joining the multi-tie offering, to be rolled out from January 15, can expect commission rates at least 20 per cent higher than they would get as IFAs.

But he claims there will be no commission bias within the multi-tie as advisers will get paid the same regardless of which product they recommend. He says this will create a level playing field and will mean providers will only be able to compete on the strength of products.

In contrast to Millfield’s offering, advisers joining the Thinc and Destini model will not be able to switch between multi-tie and IFA.

Thinc and Destini are using a combination of IT systems for the multi-tie, which will offer a complete suite of each provider’s products.

Chamberlain says: “We expect our multi-tied advisers to make at least 20 per cent more than they made as IFAs and we believe the proposition we have created is more independent than independent propositions, as our multi-tied advisers will get paid exactly the same whatever the client wants, so there cannot be commission bias.”

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