The firm’s managing director said the decision to go directly authorised was made so the directors of the firm would have “more control of our destiny”.
Applewood, founded in 1998, has 11 staff and was one of the largest investment business producers at Sesame, according to Mr Pritchard.
He added: “We have reached a stage in our business development where we have the resources to manage our own compliance responsibilities and we have all the necessary specialist skills in-house.
“This move will benefit both ourselves and our customers as we will have total discretion on the funds we choose for portfolio consideration and we can move the business forward following our own path.
“We are increasing fee incomes and attracting clients with more extensive investment portfolios.”
George Higginson, chief executive of Sesame Bankhall, confirmed earlier this month that the firm was planning to drop its independent mandate for investment and pension advice and move to a restricted proposition from next year.
The firm is expected to confirm the results of its strategic review and any potential change in ownership in the new year.