Source Financial leads 2plan expansion

Chris Smallwood revealed his expansion plans as Source Financial joined its IFA business, bolstering its team by 43 advisers to more than 150.

Mr Smallwood said the company had received a dozen approaches in the last few weeks from directly authorised firms, particularly with adviser numbers ranging from 10 to 50.

He said however 2plan would be particularly looking for firms who worked in the wealth management sector or in investments and pensions.

Mr Smallwood said: "Smaller adviser firms seem to be reviewing their business models and looking at what will happen in the next year with the retail distribution review and they are looking to explore joining us.

"We can build a substantial sustainable business model and IFAs these days need to focus on what they do best and that is dealing with the clients and building longer lasting relationships. Then they can leave the rest to us.

"Everything we have done in the last two years has been about the infrastructure and getting everything in place and we are ready now to grow quite substantially over the next few months."

Mr Smallwood said Source Financial had fitted 2plan's business model and he could see further potential for more firms to join the company in the next few weeks.

"We are very impressed with the professionalism and commitment that Source has shown both to its advisers and clients and with its enviable track record of success and profitable business growth, this announcement represents a very attractive and important step in our future expansion plans."

Peter Trotman, managing director of Source Financial, said: "We had been in negotiations with several adviser firms with regards to moving from direct regulation to coming under a bigger umbrella - with all the benefits this offers.

"We have now concluded these and reached agreement to join 2plan Wealth Management, which will enable the advisers and clients to continue to receive premium service and support."