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SimplyBiz IFAs reject multi-ties

The vast majority of Simply Biz IFAs will not choose to multi-tie in 2005, according to a survey of members by the company.

The online survey on the impact of depolarisation indicates that 90 per cent of SimplyBiz members would prefer to remain independent, with only 6 per cent saying access to the whole market would not be essential for their business and 4 per cent are undecided. This is in contrast with recent predictions by other big networks and IFA groups.

SimplyBiz says a representative selection of its membership took part in the survey. It says the results show there is little appetite for IFAs to multi-tie.

The survey results are published just a week after Bankhall estimated up to 40 per cent of its members would go multi-tied while Sesame said the majority will remain independent.

SimplyBiz chairman Ken Davy says: “The reality is that good IFAs have spent the last 15 years educating clients about the benefits of independent service. To change that stance suddenly will look ridiculous to clients.”

Davy believes the future for small and medium-sized businesses is positive and the death of small IFA firms has been forecast many times before but will be proved incorrect.

But Berkeley Berry Birch anticipates that up to 70 per cent of its network members will opt to take all or some of their businesses down the multi-tie path.

BBB IFA network chief executive Richard Howells says: “We anticipate that, in time, the majority of our members – up to 70 per cent – will operate as multi-ties. There may be a transitional period where people have both IFA arms and multi-tie arms in their businesses but the commercial benefits of multi-tie mean that most will go that way.”

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