The multi-tie option will be available to all its advisers, and will run concurrently with the Group's existing core IFA option. Multi-tie advisers will be able to be dual authorised*, so that they can go off panel if "whole of market" advice is more appropriate for their clients.
Under the proposition, advisers can choose to offer clients protection, investment and pensions products from a panel of quality product providers or from the 'whole of market'. This allows advisers to operate outside of the multi-tie panel if their clients needs are more complex.
With the launch of the multi-tie proposition, Millfield advisers can be IFAs, Multi-Tie advisers, or be dual authorised*. This range of options means that Millfield advisers will be able to choose whatever advisory status best suits them in the depolarised world subject to competency and authorisation.
Commenting on the announcement, Paul Tebbutt, Chief Executive at Millfield said: "We are developing this multi-tie proposition to ensure our advisers are empowered with choice in the depolarised world. We have listened very closely to what our advisers have been saying to us, both in terms of servicing their clients and maximising the success of their business.
"The result of this consultation is a multi-tie offering which we believe will be immensely attractive to our advisers. Advisers will also have the flexibility to decide how they want to do business, either offering a fully independent advice service, or products from 6 of the UK's most recognised brands or a combination of the two.
The partners which have been appointed to the panel are:-
AXA
Friends Provident
Norwich Union
Prudential
Scottish Widows
Skandia
Commenting on the appointment of the partners, Paul Tebbutt, Chief Executive at Millfield commented: "We believe that these appointed multi-tie partners offer the best available choice of high quality products and service levels with enhanced remuneration. They are all established and highly regarded financial product providers and are committed to working with us to build a strong proposition, which we believe will be extremely attractive for any financial intermediary.
"As the first company to announce their full multi-tie panel, we are giving our advisers as much time as possible to consider the different options. We will continue to consult with our advisers and work with our strategic partners to build a proposition that is attractive to advisers and their clients. We estimate that a significant number of our advisers will benefit from the multi-tie proposition and it is therefore a crucial development in our business plans going forward".
*Dual authorisation refers to circumstances where Millfield permits an adviser to change the scope of advice from a limited number of providers to a selection from the 'whole of market'.
