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Sanlam sets £6bn goal after board reshuffle

Alex Morley said he would aim to grow the firm “in a careful and considered fashion”, targeting an adviser head-count of 250-300 by 2017.

Mr Morley said the advisory sector had been dominated for too long by “faceless” corporations concerned only with profitability.

He added: “The sector is awash with companies keen to show how cheap they are, or how many advisers they have or how much they have under management. An alarming few are talking about what they can do for the wellbeing of the consumer – about what they are doing to be better and to deliver greater value.”

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He added he was keen to address “confusion in the market” about the firm’s goals, adding: “We are not building a network.”

Mr Morley also revealed that Sanlam would be investing much more in new systems and processes to improve efficiency in the coming year.

His comments came following his appointment from English Mutual, an appointed representative of Sanlam Private Wealth, earlier this month.

He replaces Nigel Speirs, who became chief executive when his own firm, Wales-based Buckles IFA, was bought by Sanlam in 2008.

Mr Speirs will stay on as the firm’s head of distribution for Sanlam UK, a position which he has held since 2009.

BACKGROUND

Sanlam has been on a gradual quest to snap up client banks from advisers leaving the industry. Lukas Van der Walt, the chief executive of Sanlam UK, previously indicated his intention to build up the firm’s Practice Buyout scheme, launched in May last year. The scheme helped four acquisitions to take place in 2013, adding funds under influence worth £147m.