Chris Smallwood

The "flabbergasted" boss of a national IFA has revealed the business received an unexpected 200,000% increase in a fee payment from a provider following an accounting gaffe.

Rival network appeals to burnt advisers

Networks don't collect enough money from their advisers to maintain sufficient systems and controls, which means they can only go one way - down, according to the chief executive of IFA network 2plan.

Chris Smallwood, the chief executive of Openwork-owned national IFA 2plan, has called on the regulator to crack down on what he said were 'misleading' terms used by some restricted advice firms to describe their services.

IFA 2plan has been awarded £87,000 after winning a High Court battle against two advisers.

Openwork has acquired 2plan Wealth Management for an undisclosed sum as the multi-tie network moves to develop a stronger proposition to whole of market advisers.

National IFA 2plan says better than anticipated growth in turnover for the first half of the year means it is on track to hit profitability earlier than expected.

2plan Wealth Management's revenue rose 55% in Q1, due to strong take-up of the company's premium fee-based ongoing service agreements.

National IFA 2plan Wealth Management has launched an online client portal enabling its advisers' fee-based clients 24/7 access to their portfolio and valuation information.