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Networks good for one-man bands: IFA

Feedback and guidance offered by networks are important tools for one-man band IFAs, a Tyne and Wear-based adviser has said.

John Bloomfield, formerly of Cleveland-based Paul Wilson Financial Services, recently left the firm where he worked for five years to launch his own one-man-band advisory business.

Last week Mr Bloomfield received regulatory approval for the launch of his new one-man-band IFA Bloomfield Financial Limited.

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Although initially considering becoming directly authorised, Mr Bloomfield has ultimately decided to remain an appointed representative of the Sesame network.

He said: “The big thing for me was, do I stay with Sesame or go direct, or go with a different network?

“I have got lots of old friends who have gone directly authorised and they just talk about how easy it is.

“I would worry that you wouldn’t get the same level of feedback and criticism which can be beneficial. At least with the network model they are in there with you.

“If you are doing something wrong it is very much in their interest to make you stop before they get sued or you get sued. When you are a one-adviser firm it is a benefit.”

Mr Bloomfield added that he believes the culture at Sesame has changed for the better over the past few years.

“The management at Sesame has changed a lot in the last year and the culture has changed. There is more of a genuine interest in making things better than there ever has been, and I have been with them for ten years now. It’s a big change.”

Mr Bloomfield added that the split from Paul Wilson FS is the result of wanting to have a different offering from his former partner.

Paul Wilson of Paul Wilson Financial Services told FTAdviser: “John is doing things differently than me because young guns do things differently. He had his own vision for what he wants.

“What would be the point in standing in his way? I have had him for five years. He is loaded with morality and intellect.

“He wants his own name over his own door. I left an IFA in 1998 to do my own thing.

He added: “I have a thriving business and I have embraced [the Retail Distribution Review]. I’m not going anywhere.”

Mr Bloomfield added that he and Mr Wilson will still be working together “on bits and pieces”.