Already managing more than £50bn in client assets, Sanlam continued to see the UK as a key player in its global portfolio and said that the launch of Sanlam’s practice buy out proposition signalled another strategic move forward for the company.
Sanlam UK will offer a statement of intent to acquire the business at a pre-agreed future date, typically within two to five years, if, in its view, a business has met specific criteria.
The criteria includes adopting the Sanlam restricted advice process and the demonstration of high standards of compliance, integrity and excellence in customer service.
Sanlam UK would then work closely with the owners to support the business in seeking to meet its goals.
Sanlam said it has already created “significant interest” from those owners of advisory businesses who are approaching retirement or seeking an exit strategy from the industry in the near future.
This also sits alongside its recruitment of financial advisers.
Oliver Couchman, head of partnerships at Sanlam UK, highlighted that due to the implementation of the Retail Distribution Review as well the upheaval of both the domestic and global economy, principals of firms have been forced to consider new routes for the creation and realisation of value.
He said: “In our view, many options exist within the market although few satisfy the need for the unification of a long term, viable business model, suited to meeting the requirements of both the client and the business with a value proposition that is transparent, believable and, of course, deliverable.
“Our Practice Buy Out Proposition is such an offering; one which delivers an elegant, client centred business model whilst helping to secure the long term future of the partner, through association with Sanlam’s financial and operational strength.
“We wish to engage with the owners of established and successful practices, enter into meaningful conversation about the purchase of their business and to develop a successful, long term relationship which benefits all parties.”