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Retiring IFAs auction client lists on website

National IFA Positive Solutions is taking the innovative step of auctioning off the client lists of retiring IFAs on its intranet site.

IFA John Stevens became the first of its RIs to make use of the service by selling his list of clients to the highest bidder following two weeks of bidding.

By choosing the Relax option as part of their membership, retiring Positive Solutions IFAs continue to receive an income from their client base as long as the group receives fees relating to those clients. Alternatively, advisers can now choose to auction off this income stream.

Positive Solutions claims it is the first to do this because its integrated system means that data can be transferred automatically from adviser to adviser and to any location.

Spokesman Alasdair Mitchell says: “IFAs spend their whole career advising clients on planning for retirement but are unable to sell on the true value of their own businesses when they want to retire. Now they can effectively sell the income stream from their portfolio to another IFA, where it will mean a great deal more than just a list of names.”

Whitechurch Network managing director Ian McIver says: “I cannot see the point of buying up a client list unless you have got guaranteed ongoing renewal with it. I think people deal with individuals and stick with an adviser they are familiar with.”

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