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Networks must adapt or die – McGinley

Networks must adapt or die – McGinley

Networks need to adapt or die, according to the former head of Aegon UK’s adviser support unit.

John Joe McGinley, who left the pensions provider earlier this year when Aegon UK closed down its Business Brain site, has since set up his own consultancy firm.

He said networks were at a crossroads and warned that their future could be bleak if they did not adapt.

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Mr McGinley said: “In my view the network model has to adapt or die.

“There needs to be a stronger vision for networks rather than the idea of them just being about PI insurance.

“They need to evolve into a true community of advisers where it is about providing all the mechanisms to be a strong business.”

Mr McGinley’s Edinburgh-based company is called Glassagh Consulting and was established earlier this year.

In March he published a 14-step template to help advisers succeed in their business.

Adviser view

Victor Sacks, an adviser with Cambridgeshire-based Ringrose Grimsley, said: “I think networks have got to be very careful.

“I left a network because I felt like I wasn’t driving my own vehicle.

“We are seeing a lot of companies that still have stakes in networks, and when you have these big monoliths you don’t know what they will do.”