New Financial Adviser Network Launched

Stephen Harris

7 March 2005

Cyprus-based Inter-Alliance WorldNet has launched a network of European independent financial advisers in Luxembourg. Nucleus Euro-Alliance will attempt to construct an organisation of financial intermediaries from all 25 European Union member states. The new network will provide a platform for experienced intermediaries who will be able to benefit from reduced operating costs by taking advantage of economies of scale in areas such as compliance and administration, whilst retaining their own identity. "The changes taking place within the Continental European intermediary sector are not unlike those faced by the UK intermediaries back in the late 1980s when licensing, PI cover, compliance, regulatory and all the associated changes bought about by the Financial Services Act took their toll,” said Vincent Derudder, managing partner of Nucleus Euro-Alliance and secretary general of IFA trade body FECIF. Inter-Alliance is part of UK-quoted Millfield Group Plc.