Amphlett says that for the “small number” of brokers who have become ARs with Chase Templeton and grown to a certain size whereby they want to become DA again, there have been “absolutely no” issues over client ownership, although he is sensitive to what are now widespread concerns.
“It’s sensible for brokers to have questions about working under a network when one looks at some of the problems created in the market,” he concedes.
While a number of brokers have had their fingers burnt in this situation by organisations other than Chase Templeton, there is “absolutely” no chance this could happen at Chase.
“We’ll immediately sign their clients back to them so they become DA, otherwise what would happen to my reputation?” Amphlett asks. “We’re happy to facilitate that change and their clients travel with them. We would never dream about contacting their clients [to try to retain them] and so on. What tends to happen is that because we have Network Protect, they would become directly authorised and then use it to help them with compliance and to take advantage of its enhanced terms.”
Network Protect, which follows a Bankhall-style model of providing compliance advice, enhanced terms and training for DA intermediaries, currently has 55 members, a figure which Amphlett believes will grow as the burden and cost of regulation increase.
Chase Templeton has lost only two brokers to become DA again but even then, they became Network Protect members to take advantage of enhanced commission terms and so on.
“We would never fight over client ownership – that’s theirs,” Amphlett stresses again. “We make it abundantly clear in their contracts who owns the client and what will happen if they choose to leave the Chase Templeton umbrella – that they will retain client ownership.”
He adds: “I believe that a larger organisation which takes on the compliance burden is the right home for one man bands.”
What about Amphlett himself, though, I ask. When will he look to put up his feet? Amphlett, who is 52 this year, won’t be drawn, however.
He and wife Julie own 100% of the voting stock and 75% of the equity stock in Chase Templeton. That is a situation that is likely to remain in place for some time to come.
“Fundamental to our business is the fact that the remaining 25% [of the equity stock] is split between other individuals in the business,” he says. “There’s a very strong sense of ownership from everyone in the firm, from the administration team to the sales teams to management. Everybody has a stake in it.”
Amphlett says the “key” to Chase’s success is his executive team, which includes finance director Jeff Tate, formerly of Bankhall, compliance director Richard Holden, formerly of Skipton, sales director Duncan Deaves, who has been with Chase since 1997, and head of IT Gemma Harris. It’s clear that he will find it difficult to give up the day job. However, naive is one thing that Amphlett clearly is not and he is well aware that the time to hang up his boots will come, most likely via a trade sale.