IFAs shun networks for breakaway 'collective'

The Advanced Financial Planning Alliance (AFPA) unites seven advisers across JPM Financial and Baxter Fensham, both in Leeds, and Altrincham-based Smart Financial Planning. Although the firms will remain directly-regulated, they will share the same compliance service, financial planning processes, fees structure and the Transact platform. They will also use fund adviser Dimensional for their model portfolios. The innovation was necessary because there is no value in the mainstream networks, say the principals at the three firms. Steve Martin, director at Smart Financial Planning, s...