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Sesame seeds of discontent

Misys&#39 decision to rebrand five IFA networks under the name Sesame has been criticised by members who say the name is an embarrassment.

The company says the name signifies openness and a move towards being in closer contact with all members.

But regional roadshows have revealed discontent from members over the name and other proposed changes. Some smaller member firms feel they have been misled over the revised fee scale, which will see monthly retention for advisers earning up to £100,000 fall from 16 to 12.5 per cent but introduces a monthly fee of £100 per RI.

FSC Investment Services managing director Frank Cochran says: “The name is seedy! I think it is despicable to embarrass the members like this, who have to use the new name on letterheads and explain it to clients. Usually I am a strong supporter of the network but I think this time they have dropped the ball.”

Misys commercial director Martin Davis says: “We wanted a name that was short and memorable and would signify change.”

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