Simplybiz has launched a business transition proposition for IFAs looking to retire or offload a segment of their client bank.
It offers 70% of renewal income to the IFA for five years, plus 20% of any income generated through new business written with the clients.
The Practice Buyout initiative allows the advisers to transfer clients to Simplybiz's non-advisory service, Capital Reward Plus, or, if ongoing advice is required, to one of 12 pre-selected local IFA firms who have signed up to receive clients under the scheme.
Although it is aimed mainly at advisers retiring from the industry, the services provider said it will also be suitable for those segmenting their client bank in advance of RDR or firms who will be removing their investment permissions to concentrate on other business areas.
Simplybiz joint managing director Neil Stevens said: "The average retirement attrition of approximately 5% each year as advisers finish long and successful careers had been a key driver for us developing this new service.
"There are many companies marketing attractive buyout terms but these are often quite different when the adviser sees the detail. We will be providing a clear and transparent deal; one the adviser can trust and rely upon."
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