Bankhall says firms will have to spend more time on remunerative activities, qualifications and business transformation and a tie-up with Sesame will ensure scale and financial strength to invest in new initiatives to address these challenges.
Its comments follow the revelation uncovered by Money Marketing (yesterday) that PMS managing director John Malone is understood to be furious at not being consulted on the proposed acquisition of Bankhall and that he is thought to be planning to leave the firm.
Bankhall managing director of IFA services David Golder says: “The magnitude of Bankhall and Sesame’s combined scale could provide unparalleled benefits for financial intermediaries. Bankhall has always been able to negotiate aggregated benefits for its membership but the power that the combined organisation will bring means that even better commercial terms will be achievable.
“In addition, the resource potential of the combined organisation will make it a leader in its support for IFAs who wish their businesses to thrive up to and beyond 2012”.