IFA leaves Intrinsic over pressure to go restricted

An IFA has left network Intrinsic after he felt he was being nudged towards adopting a restricted proposition following its takeover by Old Mutual.

IFA Raj Shah (pictured) of Blue Wealth said it appeared the network, which was taken over by Old Mutual earlier this year, was trying to "make everybody restricted". Shah, who left late last month to join IFA Santorini Financial Planning as an appointed representative, said "financial restrictions" imposed on IFAs by the network were "ludicrous". A particular problem, Shah said, was the cost of membership, which consists of a fixed sum plus a percentage based on turnover, and that Intrinsic would question his productivity levels referring to performance indicators (KPI) based on sales...