Review of 2004: IFAs

Well-known names in the IFA sector abandoned ship in 2004.

South Wales network Interlink went under in April and Lifeboat advisers bailed out in February after the liquidators were called in.

Group 300 disappeared in October after the FSA removed its authorised status. Financial services giant Bradford & Bingley decided to opt out of independent advice entirely and sell off mortgage IFA arm Charcol in December.

One of the most successful this year was Aegon UK with the amalgamation of five firms to form mega IFA Origen in May.

Burns Anderson got back on its feet following extensive restructuring announcing individual productivity rising to #74,000 per adviser in its interim results.

Merger talks between Berkeley Berry Birch and Inter-Alliance collapsed but Millfield stepped into the breach in October. The deal will potentially create the UK’s biggest national IFA with 1,850 advisers.

Investment IFA Chase de Vere is up for sale and a deal between Destini and Thinc is in the offing, which could see the new players create one of the biggest groups in the market next year.


Industry welcomes Government progress in home reversion plans

Ship and Key Retirement Solutions are both unanimous in welcoming Government progress in defining home reversion plans.The Treasury has published a summary of the responses to its consultation paper on the definitipon of homer reversion plans.The decision to regulate home reversion schemes means that all equty release products will be offered within the same market […]

Millfield expects significant proportion to multi-tie

Millfield says it expects a significant proportion of its 1800 advisers to opt for multi-tie.It also believes that the proposition will be extremely attractive to other advisers in the industry.Millfield advisers will have the option of staying as IFAs, becoming multi-tie advisers, or taking a dual authorisation approach of multi-tie, with a whole of market […]


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