CompaniesNov 12 2015

Intrinsic chief exec to step down in 2017

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Intrinsic chief exec to step down in 2017

In the first quarter of 2017 the chief executive of Intrinsic, Richard Freeman, will step down and be replaced by the network’s current managing director.

Mr Freeman will continue to work for the network’s parent company Old Mutual Wealth and oversee the network’s transition to new leadership.

Andy Thompson, the managing director of Intrinsic, will replace him.

Mr Freeman said in a statement: “I have spoken over the last few months of my intention to step down as chief executive of Intrinsic in early 2017.

“We have the right successor in Andy Thompson and I will remain in the Old Mutual Wealth business to allow for a smooth transition.

“I have worked with Andy for nearly 15 years; his strategic knowledge and understanding of what it takes to deliver for clients will ensure Intrinsic goes from strength to strength. I look forward to leading Intrinsic through 2016, which will be a pivotal year for the business.”

At the beginning of October, Old Mutual Wealth and Intrinsic announced the launch of a national advice business, Old Mutual Wealth Private Client Advisers, to be headed up by Nigel Speirs, who joined Intrinsic from Sanlam earlier this year.

It confirmed Old Mutual Wealth Private Client Advisers will “build a national advice offering” over the next five years through 10 regional offices, employing approximately 250 qualified advisers.

The plan is to grow the business through client bank acquisitions and strategic partnerships.

The new business will be an appointed representative of Intrinsic and will draw upon the investment capabilities of Quilter Cheviot and Old Mutual Global Investors.

In a statement, Old Mutual Wealth and Intrinsic said they remained “committed to the existing advice market” and confirmed the new business will not “target” existing advised customers of either business.

Later in October, Intrinsic bosses remained upbeat about their prospects in the intermediary’s latest set of results, stating that Sesame Bankhall advisers will push the group back into profit.

Annual results filed with Companies House showed that Intrinsic Financial Planning posted a £1.27m loss for 2014, compared with a £673,000 profit in 2013.

At that time, Intrinsic stated the number of advisers in the restricted network rose from 699 in 2013 to 930 in 2014, helping drive turnover by 34 per cent to £61.9m.

While overall margin levels were marginally reduced on 2013 levels, much of the increase in adviser numbers were achieved through transition of firms, from what bosses described as “lower margin independent businesses”.

According to the report, financial planner numbers should grow in 2015 and around 220 advisers will move across from Sesame Bankhall Group during the third quarter of this year.