Mattioli Woods' is to operate on a restricted basis after the Retail Distribution Review (RDR) but is still weighing whether to maintain independence on certain products.
Chairman Bob Woods said maintaining independence was a "big ask" for any firm - regardless of size or manpower.
He added Mattioli Woods, like many other firms, had not made an absolute decision on independent or restricted but his "inclination" is that it would be largely restricted.
Woods explained: "This is because, increasingly we do supply our own products and services. Obviously as a SSAS/SIPP practitioner they are own products and of course, SIPPs are now regulated.
"We also have our own suite of syndicated property investments, we have just launched portfolio management which is a discretionary investment service unique to MW.
"So it would be a nonsense for us to try to go down the independent route because such a significant percentage of our core services are our own products."
However, he said the firm was still deciding whether it would follow a restricted route across the whole suite of products or whether to effectively have a "duality within the business".
"The probability is that independent will only apply to risk-based contracts, where effectively it is all about rate. As opposed to subjective issues, for example collective investment funds, where we are quite likely to go down the restricted route," added Woods.
Woods also said concern about being able to maintain absolute independence was a concern for the business.
"One of the concerns we have is how does any organisation, however well resourced, however large can genuinely be ‘whole of market'. It is a big ask. In an increasingly litigious world it is also a big risk, as well as a big ask," he added.
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