Your IndustryOct 2 2014

Directly authorised route for disgruntled Intrinsic adviser

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An adviser is leaving Intrinsic and going directly authorised because of concerns about independence.

Stefan Fura’s Leicestershire-based firm Furnley House Wealth Management had been part of Positive Solutions, which was acquired by Intrinsic last year. However, he said his firm was going directly authorised in December because the Intrinsic network had attempted to influence his decisions as an independent financial adviser.

Fura said: “There was the party line that Intrinsic was supporting independence, but we felt that there was open encouragement to go down the restricted route.”

He added that he had been in “arguments” with staff from the network over his decisions.

He said: “I had meetings with people about having a centralised investment proposition. They said it was not allowed, but I read a lot of the FCA’s thematic reviews with them about what was allowed and what was not.

“I felt Intrinsic was taking advantage of people who had not read them, and did not understand that stuff.”

According to data from London-based research firm Imas Corporate Finance, Positive Solutions had 628 approved persons in June 2013, when the Intrinsic acquisition was announced, and 575 in September 2014.

According to the data, Intrinsic Financial Planning had 853 approved persons in June 2013 and 980 in September 2014.

Right to reply

Stephen Fryett, group sales director for Intrinsic, said: “At Intrinsic, our business model encompasses restricted and independent advice, and we have advisers and firms thriving in both sectors and delivering great outcomes for clients.

“The strength of our proposition is demonstrated by the fact that more than 450 advisers have joined the Intrinsic Group since the beginning of 2014.”

He did not comment on whether this total was including the Positive Solutions advisers.