OMW backing allows Intrinsic ‘to invest in tomorrow’

OMW backing allows Intrinsic ‘to invest in tomorrow’

Being owned by Old Mutual Wealth means Intrinsic will be in a better position to invest for the future, according to the chief executive of the intermediary network.

Richard Freeman said Intrinsic hoped to bring in the first cohort of new students at the Financial Adviser School in the first quarter of this year, having reached a provisional agreement to acquire the school from Sesame Bankhall Group in 2015.

In September, Aviva-owned Sesame Bankhall Group pulled the plug on the school, with executive chairman, John Cowan promising that his newly slimmed-down business would not be “playing the numbers game”.

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Mr Cowan added: “The Financial Adviser School is a real pet of ours, and everyone supported it, but it became untenable and is no longer appropriate for our business.”

Mr Freeman said it had long been an ambition of the business to build an academy dedicated to developing the next generation of professional financial planners.

“With a financially secure, well-capitalised shareholder we are in a better position to make that investment in tomorrow,” he added.

“This is an important step, not only for the students we look forward to welcoming into the programme, but also for the future sustainability of the industry and for established businesses looking to develop new hires.

“Finding quality graduates with the necessary qualifications and skills to succeed in the sector is not easy.

“The school aims to develop alumni not only with the necessary exam qualifications, but also with the soft skills that are so crucial to a prosperous career in the industry.”

Mr Freeman said the future of the industry was set to come under the spotlight next year through the financial advice market review.

In October, the FCA and the Treasury launched an input paper giving advisers until 22 December to explain what deterred them from offering advice.

But he said 2016 would not all be about change, adding that one of Intrinsic’s key objectives was to focus on maturing as a business.

He said: “Since launch in 2006 we have accelerated rapidly to become one of the largest networks of advisers in the UK.

“The journey has been a complex one and has seen Intrinsic make the transition from start-up to part of a global wealth management business in less than a decade.

“Such a rapid transition has required an entrepreneurial attitude and spirit across the business and it is important we hold on to that.

“At the same time, we recognise the need to mature and focus on consistency and excellence in the ‘business as usual’ category.

“In 2016 we’ll be making a concerted effort to focus on our core competencies and the fundamentals that we need to excel in to ensure Intrinsic continues to enhance its reputation as one of the UK’s leading networks for financial advisers.”