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Whitechurch bids to build membership with fee deal

Whitechurch is offering gross commission payments to new network members for the first three months.

Whitechurch is offering gross commission payments to new network members for the first three months.

As an alternative to fee-free commission, new members who opt to pay monthly fees will have these waived for the same period.

The network company is also offering a fixed annual fee of £8,800 per adviser until February 2010 in addition to the monthly fee of £733.33 and Financial Services Compensation Scheme levies.

Managing director Ian McIver says: “I have seen networks make a similar offer and they mean commission received for the period after joining. I feel that is not quite fair.

“Commission on business written in month three is not likely to be received until month four. Our offer is simple. Commission will be paid gross on business logged within the quoted periods, regardless of when it eventually arrives.”

Christie Scott principal Julie Hedge says: “In theory, it is a good offer although advisers are quite cautious when looking to join networks.

“With all the horror stories that have come out, it is often difficult for companies to gain market share.”

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