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Pink pound merger

Leading gay-focused IFAs Massow Financial Services and Rainbow Finance are to merge ahead of the introduction of stakeholder pensions next year.

Former Tory millionaire Massow will step down as managing director to become chairman of the merged “super IFA”, Massow Rainbow Group.

Rainbow founder Louis Letourneau will become managing director of the merged company, which will have a client base of at least 20,000 with seven offices in England and Wales.

Massow says: “Any IFA wanting to survive, especially in the government&#39s new stakeholder world of 1per cent maximum charges, will need to think seriously about how to reach the critical size necessary to deliver the cost savings customers expect without compromising on service.”

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