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Stop the scaremongers, says Sesame chief Gale

Sesame chief executive Patrick Gale says scaremongers are trying to influence advisers over the opportunities presented by depolarisation.

He claims many rival networks could be in the process of imposing a multi-tie solution on members although he pledges that Sesame will not do this.

Gale admits he sees little appetite among IFA members to give up independent status in the current financial environment. He believes the separation of advice from product selection is one of the most significant features of depolarisation.

Sesame is making preparations to speak to its members at regional meetings. Many members have asked for guidance on depolarisation and the options available to them.

Gale says the firm will not be rushing though with its multi-tie proposition and still has many considerations to make before it is ready for any formal announcement.

He says: “There must be an end to scaremongering and a focus instead on providing the choice and support that firms are looking for because it is advisers and their clients who will ultimately shape the future of financial advice.”

Brooks Macdonald Asset Management director Jonathan Gumpel says: “It is sensible not to rush into a dec-ision on depolarisation. Most companies will have a clear view as to the appropriate strategy. Sesame’s comments are a reflection of the potentially diverse nature of the network.”

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