Nucleus is set for expansion explosion

Nucleus, the IFA-owned wrap platform, has signed up 20 advisory firms in 2008 alone as IFAs seek greater independence from providers.

Launched in December 2006 and with a current membership of 50 firms, the platform took on 23 advisory businesses in 2007 and is on course for doubling its membership in 2008.

Phillip Martin, business development manager for Nucleus, said an increasing number of IFA firms wanted propositions which allowed them to have a greater say how their platform was run.

He said: "Nucleus is built around what IFAs want and need. It is very much adviser lead and this is why I think it is so appealing. We started off with seven firms and we are on course to double the numbers for 2007 by the middle of this year.

"Obviously it takes a while for word of this to trickle through but we have seen a lot of enthusiasm for it. IFAs can take more control of the advisory process which is important when you have to monitor your sales processes."

Mike Beckwith, managing director for London-based Westminster Financial Planning, said independence was becoming even more important for IFAs who did not want to be swallowed up by providers.

He said: "We are the 40th firm to join and we wanted to ensure we could actually have a say in how things are run. Sometimes you almost get forgotten and advisers are moving away from provider lead solutions as propositions like this give them a choice to vote with their feet."