New figures underline demise of sole trader IFA

According to internal data released by Positive Solutions to its business consultants, seen by Professional Adviser, 47% of new recruits in 2009 are directly-authorised (DA) advisers. This compares with just over 40% in the last six months of 2008 and is significantly above the "usual" 16% seen in previous years. As a further comparison, the number of advisers joining the national IFA from all networks combined, traditionally a high figure as competition for individuals is rife, is just 32%, year to date. The move by DA practitioners to join nationals or networks - the reverse of a tr...