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Younger IFAs are wrap fans

The average age of IFAs using wraps is 10 years younger than those running transactional businesses.

Research from Standard Life has found the average age of the principal in a wrap-based firm is 44, which is 11 years younger than the average age of IFAs which is 55.

Bankhall member research also found the average age of principal in a wrap-focused advice firm is younger than the average IFA but it says its research indicates a general poor understanding of a true wrap-based model.

Chief executive Peter Mann says it is up to wrap providers to develop propositions that are attractive to a wider audience than younger IFAs, who are clearly more open to wrap.

He says member roadshows have shown a huge appetite for moving to fees.

Mann says: “If you are 35 and running a wrap business, it is hugely attractive. But if you are 55, your horizons are shorter so your appetite is slightly diminished. Providers need to find a way of appealing to a broader church.”

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