MISYS is looking to fatten up its IFA-related businesses in the UK, which it announced recently it intends to float. The company launched today what it calls a “recruitment- retention-retirement package” which offers substantial cash benefits to firms of IFAs hooking up more advisers to its network. The recruitment incentive details are as follows:
New member firms – Misys will give 7,500 to each new member firm authorised, to include the first adviser. The firm will receive another 2,500 for each additional adviser authorised. The firm will also receive an initial licence to use the mi-solution desktop software (worth a minimum of 495).
Existing member firms – Misys will pay 7,500 to an existing member firm for the first new adviser authorised. The firm will receive another 2,500 for each additional adviser authorised.
Other parts of the package will be announced before the end of the year. “There are no restrictions on what the money can be used for,” says Misys. “But firms may want to use the incentive to help finance a new recruit, buy office equipment or extend their marketing and promotional spend.”
This is the catch: in return for the allowance, a firm after authorisation must remain with the Misys networks for three years (the first year is extended for 3 months to help advisers settle in). A firm must also contribute a minimum of 8,000 per adviser per year to the network.
“Misys is determined to offer substantial benefits to its members ahead of the planned flotation of our IFA-related businesses,” says Patrick Gale, CEO, Misys IFA Services. “The measures announced today will help IFAs to expand the value of their businesses. This is just the first step in a unique campaign to support our network members so they can deliver superior service to their clients.”