Stephen Hagues – the Distribution revolution has moved.
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Financial Services Recruitment News, IFA News & Articles
Stephen Hagues – the Distribution revolution has moved.
Stephen Hagues...The Distribution Revolution 
Hi Stephen. Great article about the potential death of networks. My colleague and I left a network last year and they refused to novate our clients amongst other horrendous problems. Since leaving them we have had to manually transfer our clients using individual letters of authority but we were resolute and determined and now directly regulated things couldn’t be better. My advice to anyone or any business on a network; get out now and go direct. It would be the best decision you’ll ever make.
Hi John,
Thanks for the kind words about the blog, glad you got there in the end with the client ownership. Hopefully more ifas will move now rather than risk their payments.
Stephen, why hasn’t my latest post in resonse to Imran appeared yet?
it would be good to read it john
Hi Stephen. Great article and an enjoyable read. What would you recommend to an adviser who would like to enter the IFA industry from a bank tied background. A client bank would be handy, however would you recommend going directly authorized through the two firms recommended in your article as opposed to a traditional network
Hi Imran,
Gosh, thats difficult to answer, direct is a big jump from being in a bank although not unheard of pending on your business experience. Dave, Rob and Jamie here do the recruitment, get in touch if you want some options talking through, they will know the good regionals in your area too.
Hi Imran, you can become a directly authorised IFA via a directly authorised firm like us rather than doing it all yourself, joining a network or even a Regional IFA. We have 4 ex-tied guys in Jigsaw. We take care of their T&C and Compliance needs leaving them to get on and do what they do best with clients. I would not recommend a network. Most if not all Of them own your clients and despite promises they can break them at anytime. Also the charges are likely to be higher via a network as they will charge for all sorts of things as well as their commission/fee split arrangement. Being direct as we have experienced has led to cheaper PI cover and no network charges. Dealing with the FSA directky has been a pleasure. Networks often sell themselves as “you’re safe with us”. That’s okay until things go wrong! Be warned. I’m sure not all networks are the same but like I said in my original posting being direct has been a breath of fresh air. Best wishes.
Thank you John. I will be in contact .