Mr Freeman, who has been chief executive since 2010, announced he is to leave the network in 2017 and join the board of its parent company Old Mutual Wealth in a senior capacity. He will be replaced at Intrinsic by current managing director Andy Thompson.
He said this was part of his plan to retire. He said: “I’m not getting any younger. I’ve been Intrinsic CEO for six years. It is stressful and hard work, but the business is in good shape. We need a younger team. It’s all about retirement. This gives me time to work with Mr Thompson over the next 18 months.”
Mr Freeman plans to remain at OMW to allow for a smooth transition, and has discussed a role on the OMW board, which will be at a lower level than chief executive and will involve having an overview of Intrinsic for two or three years before his retirement.
He has said that 2016 will be a “pivotal year for Intrinsic, with priorities including the integration of the Financial Adviser School”, with completion of the purchase from SBG hopefully in the next couple of weeks.
The school was launched in November 2010 for graduates looking for a career in financial services. He said: “There is lots to be done. We need fresh blood in the industry and it’s a big project of mine.”
Mr Freeman is also on the board of FAMR, which he was invited to join. He has attended four meetings so far, adding: “It’s a once-in-a-generation opportunity to shape the future of advice.”
A British Army recruit at 18, he was commissioned four years later, rising to the rank of major. During his service career he was based in Northern Ireland, the Falkland Islands, Germany and the UK.
Mr Thompson joined Intrinsic in 2012, when his business Blueprint Financial Services was acquired by Intrinsic. Blueprint was a start-up business in 2003, and grew to 180 advisers with an annual turnover of £12m, before being acquired by Intrinsic. Before this, he was regional director for Zurich Advice Network, managing and leading the London region for more than five years.
|Andy Thompson, managing director, Intrinsic|
|– Started career as financial adviser|
|– Became regional director, Zurich Advice Network, London region, for five years|
|– Spent eight years as MD of his own advisory business, Blueprint Financial Services|
|– Joined Intrinsic in early 2012|
|– Established in 2005 by Lord Leitch|
|– Launched in March 2006|
– Acquired Mint Financial Services in 2008
|– Acquired Blueprint Financial Services in 2012|
|– Acquired Positive Solutions in 2013|
|– Old Mutual Wealth acquired Intrinsic|
|– Annual turnover £120m+|
|– Currently has more than 1,900 advisers in the UK|