Mr Macpherson, a former human resources director of pre-merger Sesame from 2003 to 2006, said a failure to get financial backing for a management buyout of SBG from its owners Friends Life could be the reason why chief executive George Higginson left the firm last week.
Mr Macpherson said: “I would assume that Mr Higginson’s departure could be down to a failed management buyout. It’s normal practice if this happens for those management figures to depart.
“The firm has three options now: either make the current structure work, find another buyer, or break up the firm and sell its constituent parts.”
SBG would not comment on the reasons why Mr Higginson left, although it confirmed that he had moved on after three years amid a senior management reshuffle that also saw the departure of finance director Paul Hooper.
A Sesame spokesman confirmed that a strategic review of the firm, which is expected to lead to a sale or break up of Sesame, was currently “ongoing” and it was likely that Sesame members will be informed of the firm’s future direction, including whether it will adopt a restricted advisory proposition, at the end of January.
As part of the change in management structure, SBG chairman John Cowan and managing director Stephen Gazard will take on expanded roles.
In a statement Mr Higginson said he was leaving with immediate effect to “seek a new challenge”.
Meanwhile members are concerned about the direction of SBG. One appointed representative of Sesame, who asked not to be named, said the firm’s prospective restricted business model did not sit with his own ideals and he was preparing to leave the firm.
He added: “Both RDR and Sesame business models are based on flogging products. Proper financial planning is not based on this.”
Adviser View
Steve Thomas, chartered financial planner for Surrey-based Sesame appointed representative firm The Eurofinance Partnership, said: “There is a lot of uncertainty surrounding Sesame and it’s creating a feeding frenzy among other networks and service providers. I have already been targeted by SimplyBiz. The potential loss of independent status also concerns me.”
