Syndaxi and Caroline Banks mull merger as ‘hub’ launched

Chartered financial planning firms Syndaxi and Caroline Banks & Associates have formalised their longstanding practice development discussions by launching Particular, a ‘hub’ designed to maximise the pooling of resources, and have hinted at a potential future merger of the firms.

Robert Reid, founding director of Syndaxi and a well-known industry commentator, said that the Retail Distribution Review is a “great opportunity” for advice firms and that the new launch would help the firms to “build on their similar strengths of solving difficult issues for clients”.

He added that although there are no plans for the two firms to merge “at this time”, they would consider this in the future if it was deemed “to provide greater advantages than the proposed approach”.

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Mr Reid said: “The RDR is such a great opportunity for the advice sector in the UK. Working with Caroline and her team will enable both firms to build on their similar strengths of solving difficult issues for clients, whilst developing a joint marketing initiative to maximise the market for our services.

“At this time we have no firm plans to merge but if that was to provide greater advantages than the proposed approach we would obviously consider it.”

Caroline Banks, managing director of Caroline Banks & Associates, said that over recent years the two firms have had many discussions about practice development and how to continually innovate for the benefit of clients and the industry as a whole.

She said: “This has been a great success for both firms and with the implementation of the RDR in January 2013, we have decided to formalise this arrangement further to allow both firms to maximise the impact of this industry change.”

Both Caroline Banks & Associates and Syndaxi have been chartered since the corporate version first became available.