Misys network members will receive membership linked to the floatation of the IFA division in two ye...
Misys network members will receive membership linked to the floatation of the IFA division in two years, the UK's largest network group declared when it unveiled its annual figures this morning.
More than 7,000 advisers of the Misys-owned networks - Countrywide, DBS, Financial Options, IFA Network and Kestrel - will receive benefits linked to their membership, including participation in the float, once stock markets have stabilised and full details of the FSA's plans for depolarisation are known later this year.
The separate business would become a self-contained entity comprising the five IFA networks, the related technology businesses of the AssureWeb portal and the IFA desktop software products range, says Misys, so an expansion plan is now underway to "enhance its distrubtion capabilities".
A single management structure is being created and headed up by Misys IFA Services' current ceo Patrick Gale, to integrate the Misys IFA services and DBS networks, assisted by Steve Pearson as DBS network director.
A new suite of services is also being developed for new and existing network members, headed by Kevin Budge, former finance director at Misys IFA Services, as programme director, along with incentives and rewards to encourage recruitment and reward loyalty and new measures which cover recruitment, retention and retirement.
This follows news yesterday that Clerical Medical has now bought a stake in Assureweb, alongside Feiends Provident, Norwich Union and Scottish Equitable. All four firms hold 40% of Assureweb, while Misys's IFA network division will retain the remaining 60%.
A further package of measures will be developed to benefit present and future network members, covering recruitment, retention and retirement. This will include significant incentives to drive recruitment and reward loyalty. Misys also intends to put in place measures which recognise that many IFAs have built up substantial capital value in their businesses, measures that include a practice buy-out programme to assist IFAs on their retirement.
The General Insurance businesses - which forms the remainder of the Misys Financial Services Division and centres largely on software - will remain as part of the Misys Group, because it is so closely related to the Group's technology-based business.
Full details of Misys Financial Service Division's financial status will follow this story…
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