Origen Financial Services has been selected as the referral partner for Clydesdale & Yorkshire Banks.
The deal, which comes after Origen Financial Services posted a loss for the second quarter of this year, will see advice offered to referred customers from the banks.
The referral deal follows the recent announcement that Origen recruited 18 staff from Clydesdale and Yorkshire Banks, taking its total number of advisers to just short of 100.
Paul Shephard, director of business and private bank at Clydesdale & Yorkshire Banks, said: “This is a really positive step in enhancing our customer focused strategy and is a key additional benefit to our overall business and private banking proposition.
“Our customers will gain access to a wealth and financial advice market specialist offering a wide scope and range of investment, pension and protection products, investment and pension research.”
Rob Waller, chairman and interim chief executive of Origen, said: “I am absolutely delighted we have been chosen as the referral partner to Clydesdale & Yorkshire Banks.
“This arrangement demonstrates that Origen is a preferred partner for large organisations who no longer wish to provide advisory services in house.
“Part of our post RDR strategy is to expand through long-term partnerships with large, trusted organisations where the delivery of specialist advice becomes non-core.
“Our selection by Clydesdale & Yorkshire Banks reaffirms the confidence large organisations have in our ability to support and complement their business models.”
The deal comes as a much needed boost for Origen, after last month it was reported that the business, along with Aegon’s other national IFA firms, recorded a combined loss of £1.7m for the first quarter of this year.
The poor set of results followed the unexpected and immediate departure of Mike Kirsch, chief executive officer of the Aegon-owned national advisory network.