Cube, Masters, Totus and Intelligent join Nucleus
According to Barry Neilson, business development director for Nucleus Financial Group, the new member firms represent a "significant acceleration" ahead of the City regulator's retail distribution review.
Mr Neilson said: "As the introduction of RDR comes ever closer, we are seeing a significant acceleration of firms undertaking wrap platform due diligence and looking to partner with a wrap proposition that reduces their reliance on traditional providers.
"With the amount of interest we are seeing from other high-end IFA firms, I am confident that the second half of the year will see the business continue to thrive."
The new firms are: Southampton-based Cube Financial Planning, the business set up by Mike Godfrey who previously launched FS3 – the wealth management business sold to Bluefin in 2008; North London-based Philip Masters IFA; Totus, which has offices in Gibraltar, the UK and Spain; and Intelligent Wealth Management Partnership, based in Staffordshire.
The firms to the IFA-owned and controlled wrap platform have all taken a stake in the group, which has seen its assets under management soar to just under £3bn in less than five years.
Mike Godfrey, director of Cube Financial Planning, said: "Being owned by its member IFAs enables Nucleus to stand out in the industry, thanks to the level of input it receives from its adviser community.
"It was also important for us to find a platform that had similar values to us with regard to important matters such as transparency and open architecture. After careful due diligence, it was clear that Nucleus was a platform that was greatly aligned with our ethos."