Burns-Anderson said it is interested in intermediaries wishing to retire in four or five years, as well as those already due to retire.
It hopes to work with members who are thinking of retiring to develop an exit strategy, whereby it can help its members build up the value of their firm by ensuring the majority of their business is reoccurring.
In order to achieve this, Burns-Anderson will work with its members to give fee-based advice or to receive renewal commissions. The network and firm will look at the client-base and assess which clients would be more inclined to move towards fees and work out a plan to ensure the firms income is not dramatically reduced.
Adrian Lewis, head of marketing at Burns-Anderson said: “The benefits to our members are consistency in knowing that their clients will be handled with the Burns-Anderson standard and also our help in developing the value of their business in the run up to retirement.”
Burns-Anderson hoped its buy-out scheme would help it retain business, as well as help them recruit as more advisers realise the potential benefits of the plan.
Ashley Clark, director at NeedAnAdvisor.com, commented: “Many business people , including IFAs, brokers or accountants, are too busy running around their hamster wheels to try and think about an exit strategy. A scheme like this, while in my opinion may not give particular value, is a life line for those who haven’t yet planned their exit strategies. I welcome Burns-Anderson for encouraging IFAs and intermediaries to work on a true fee-based model, which can only be good for professionalism in the market.”
