The Moneygate Group will be promoting Nucleus across its regulated advisory business Fairstone Financial Management, meaning the adviser-owned wrap will be introduced as a preferred platform to its advisers alongside its existing wrap providers.
Fairstone, a whole of market IFA, is the new name for Moneygate’s national financial advisory business which has almost 200 financial advisers across the UK and plans to boost that number to more than 400 within the next three years.
Fairstone advises on client funds in excess of £2.4bn with £1bn of funds under management. The Moneygate new investment management channel Marketstar, which offers discretionary managed model portfolios will be available to Nucleus users.
Moneygate also offers a “unique” ‘deferred buyout’ to qualifying firms which will be promoted to Nucleus users who are looking to create a capital event over the next three years.
Recent growth has seen Newcastle-based Moneygate Group acquire 23 firms since 2010, driving turnover towards the £20m mark as it forges ahead with its expansion plans.
Barry Neilson, business development director at Nucleus, said: “Moneygate Group is a national and trusted financial services organisation built around a modern and exciting advisory platform. Our services are entirely in line with their service proposition and we are pleased to work with the team. Nucleus has completed extensive due diligence and we are entirely confident in the ability of each party to deliver efficiencies and where appropriate a market leading value to respective users.”
David Hickey, Moneygate Group chairman, said: “This alliance is one of a series of exciting new projects that we will deliver over the coming months.
“Nucleus have followed a similar path to our own in getting to critical mass and posting profits. We look forward to the benefits presented to our clients by our IFA community in utilising the Nucleus platform and offering its members the opportunity of using our added value services and buyout model.”