Burns-Anderson’s retirement solutions scheme is guaranteeing to pay up to 70 per cent of a retiring network member’s renewal income for at least seven years.
Retiring appointed representatives will also get a portion of renewal commission paid to Burns-Anderson IFA on new business written for their former clients, meaning they can continue to receive income from the growth of their business.
The scheme, which B-A is likening to an annuity, also offers free professional indemnity insurance for the first three years into retirement and reduced rates thereafter.
Head of marketing Adrian Lewis says it did not want to pay a lump sum but rather to offer an income based on the renewal commission the IFA was expecting to receive.
For example, if the plan pays out for seven years, the adviser will receive 70 per cent of the renewal income. If the scheme pays out for longer, the adviser receives a lower percentage share and, if it pays out for less than seven years, the split will be higher.