Bankhall launches IFA exit strategy service
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Bankhall has launched a service for IFAs looking to leave the industry which will match up firms that are looking to sell their business with those that are looking to buy.
IFA Exchange will help advisers with the process of selling their business, getting the best price, and minimising liabilities.
Expanding adviser firms will have access to a consultancy team to help with the acquisition process, and guides will be available on the legal and regulatory issues of buying a firm.
There is also an option to become an ’Established Buyer Group’ member, with priority access for firms considering leaving the industry.
The service will offer advisers support in meeting the requirements of the Retail Distribution Review and building an RDR-compliant, sustainable business.
Stephen Young, chief operating officer at parent company Sesame Bankhall, says: “In the current environment it is understandable that some advisers are planning their exit route, but this in turn creates a wealth of opportunities for business owners who are on the acquisition trail.
“For advisers looking to sell their businesses ensuring that an exit strategy has all the vital components, such as aligning a business to the needs of the future IFA industry, is extremely important and IFA Exchange will support advisers in doing just that.”
Bankhall says it expects more consolidation activity among IFA firms over the next few years as advisers evolve their practices to comply with the Retail Distribution Review.
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Readers' comments (4)
gordon covell | 21 Apr 2010 1:01 pm
this makes perfect sense and as the IFA market contracts the opportunity to match seller with purchaser provides both with a value added service.
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Anonymous | 21 Apr 2010 1:41 pm
Wouldnt it be more helpful for organisations such as Bankhall to put their resources into fighting the RDR which is about to destroy our Industry and lead to many honest and experienced IFAs leaving because this is a step too far, after everything else we have had to endure over the years. This will do nothing to help consumers as most will not be willing to pay fees, and even if they are charged, try getting them to pay up.
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Marcus | 21 Apr 2010 3:08 pm
I'm a mortgage and protection broker and have been successful since i have been advising in 2004. Obviously the credit crunch affected my business and it would only seem a natural step to diversify into pensions and invesments. However, i am completely put off by the idea of the RDR and working with a regulator who is out to picks holes in what you do. I do not want my kids picking up the higher tax tab for the mistakes of a previous generation. I will be vacating the country within the next month where i will work more efficiently and get out of this sinking and over-regulated country. Last one to leave please turn off the lights!
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Mick | 29 Oct 2010 8:25 am
This country is totally screwed and it will lose most of it's talent in the next couple of years.
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