InvestmentsOct 2 2015

Old Mutual Wealth launches new advice business

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Old Mutual Wealth launches new advice business

Old Mutual Wealth and Intrinsic have announced the launch of a national advice business, Old Mutual Wealth Private Client Advisers, to be headed up by Nigel Speirs, who joined Intrinsic from Sanlam earlier this year.

It confirmed Old Mutual Wealth Private Client Advisers will “build a national advice offering” over the next five years through 10 regional offices, employing approximately 250 qualified advisers.

The plan is to grow the business through client bank acquisitions and strategic partnerships.

The new business will be an appointed representative of Intrinsic and will draw upon the investment capabilities of Quilter Cheviot and Old Mutual Global Investors.

In a statement, Old Mutual Wealth and Intrinsic said they remained “committed to the existing advice market” and confirmed the new business will not “target” existing advised customers of either business.

Old Mutual Wealth chief executive Paul Feeney said: “Providers have historically not done enough to support the growth and development of the advice market. Old Mutual Wealth will play a leading role in strengthening the footprint of advice in the UK.

“This means supporting advice in all its forms whether our national advice business; regional and local advisers; or appointed representatives of Intrinsic and other networks.”

Mr Speirs, managing director of Old Mutual Wealth Private Client Advisers, said: “They are backing advice in the UK by putting their money where their mouth is and improving access to financial planning services for people right across the UK. The formation of Old Mutual Wealth Private Client Advisers is a sign of their commitment to the future of advice in the UK.”

Intrinsic also announced today (October 2) it has provisionally agreed to acquire The Financial Adviser School, which launched in 2011.

Richard Freeman, chief executive of Intrinsic, told its members yesterday that the business is in “advanced stage discussions” with its current shareholder Sesame Bankhall Group over a proposed acquisition.

Mr Freeman added: “It is vital that we ensure the future of the industry by bringing new blood into the sector. This can only be achieved if talented graduates and others looking for a new challenge see the financial advice profession as a rewarding career and have access to quality training and support.”