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Worldwide outgrows the Sesame network

Worldwide Financial Planning is leaving the Sesame net- work following an eight-year relationship.

The 40-strong IFA will continue using Sesame Direct services for its compliance and qualitative investment research but says it has outgrown appointed representative status.

Worldwide managing dir-ector Peter McGahan says the firm will become directly authorised on January 1, 2006.

McGahan says when the firm launched in March 1998, it needed network membership, but has now grown to become almost a mini-network, claiming the commission trackers it has in place are superior and quicker than in a network.

Worldwide hopes to ach- ieve a paperless office set-up and aims to offer remote ass- istance to its advisers which it can only achieve by hav- ing full control of its oper- ations.

McGahan says: “With the exception of the qualitative investment research we receive from Sesame, the research we have in-house is light years ahead of that we can expect from the network and our T&C scheme is no longer aligned with Sesame’s. The marriage just is not working any more.”

Sesame sales director Steve Young says: “Worldwide has experienced significant grow-th and has invested money in a support infrastructure that will allow it to manage its own compliance and commissions process. It has genuinely outgrown the services that a network would offer an IFA.”

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