To date IFS have taken over the management of 19 IFA practices, large and small.
Typically, we pay the retiring IFA a large proportion of their recurring income [up to 70%], without any time limit, and we will also pass this to their beneficiaries on death.
This arrangement will usually include a "right to buy" clause that we can execute at any time.
We will also consider buying practices outright, should the IFA have sufficent management data to allow the completion of due dilligence.
Churning is the most obvious concern for retiring IFAs.
To protect your income, our agency management contract clearly stipulates that where we need to replace a contract that that is already paying you an income, it goes straight back on to your agencies, and not to us.
Our contract also clearly stipulates a number of other measures that ensure you are fully protected in all scenarios; for example, your money is paid into a separate bank account for ease of reconciliation, and to further ensure your proof of ownership of this income stream.
Our success is founded on superb IT and data-management systems, which enables us to seamlessly merge businesses into our own. We use an overnight valuation system that provides us with an immediate overview of all of our clients’ holdings at the touch of a button and we have a custom-built portfolio trading system that then allows us to deliver active management to all clients, regardless of the size of their portfolio.
Today we manage around £225 million of pension and investmetn contract and 90% of our revenue comes from recurring income paid by existing clients.
The IFAs that we look after are happy to speak with others who might wish to come on board. Furthermore, Hugh Gibaud, former owner of Morgan Gibaud, now acts a non-executive director of the business. Hugh is also a former director of IFA Promotions, and he would be happy to talk with you about his own experience since joining IFS. But in the meantime, here are a few quotes from our IFAs:
"We joined IFS in 2005 and the business transfer was seamless."
Michael Draper, Michael Draper Ltd, Plymouth, Devon
"I have a number of very high net-worth clients, and I was concerned about losing them. Jeremy and his team have retained them all. This was no easy feat and speaks volumes of their commitment to me."
Trevor Cornford, Tiercey Financial Management, Wokingham, Berks
"IFS has greatly enhanced the investment proposition for our clients. This has been a win-win situation for all concerned."
John Whitehead, Priory Financial Ltd, Christchurch, Dorset
" I retired nearly 5 years ago and transferred my business to IFS. The transfer went smoothly, and the ongoing renewals have been paid on time each and every month."
Bill Geller, Belvedere Insurance, Tadely, Berks
We took on our first agency management contract in June 2004 and we have to date brought in another 18 firms.
Figures as of May 2010
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