CompaniesApr 29 2016

Wren Sterling seeks advisers after restructure exits

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Wren Sterling seeks advisers after restructure exits

National IFA Wren Sterling has said its new structure will put it in a better position to grow its adviser numbers - after losing almost a quarter of them in a company reshuffle.

This month the firm - formerlly Towergate Financial - moved away from running its business around regional bases, to centralise focus on three key areas; private clients, corporates and partnerships with building societies.

It marks the latest change in a wider restructure of the company which has taken place since it was bought by Palatine Private Equity last year, and has included the separation of Wren Sterling and mortgage adviser John Charcol.

Wren Sterling has seen a drop in adviser numbers from 109 to 83 since last year’s £8.6m buy-out, an exodus a spokesperson put down to “natural attrition” during the restructuring.

They added the company’s adviser numbers might look artificially low because 10 of its corporate advisers have deregulated.

Overall there has been a 7 per cent drop in staff numbers since last April, according to the spokesperson.

Ian Darby, executive chairman of Wren Sterling, said focusing on three key areas makes “absolute sense” for the business, advisers and clients.

“All of this work is geared towards creating true consistency of approach and service across the business, regardless of location or how clients interact with us, and allows Wren Sterling to scale up in 2016, with exciting new developments to follow.”

The company has appointed Kevin O’Farrell and Simon Jones as directors of its private client and corporate arms respectively. It also hired Andy Moss as finance director, while Colin Hall remains director of partnerships.

In November, Mr Darby said the separation of Wren Sterling and John Charcol would lead to the two firms being sold off in the future.