Old Mutual buys advice firm

Old Mutual buys advice firm

Old Mutual’s advice arm is to purchase Devonshire-based financial planning firm DQS Financial Management, adding an extra £200m in assets under advice.

Old Mutual Wealth Private Client Advisers, an appointed representative of Old Mutual’s advice network Intrinsic, today (15 June) announced it had agreed to buy DQS, adding 650 clients to its books.

The advice firm, which has been operating since 2001, will become restricted and use funds from Quilter Cheviot and Old Mutual Global Investors.

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Once the takeover is complete, DQS will adopt the Old Mutual Wealth Private Client Advisers brand.

DQS staff, which includes five advisers and founding directors Chris Dyson, Rob Quaintance and Carrie Payne, will remain with the business.

Richard Freeman, chief distribution officer at Old Mutual Wealth, said the provider is “absolutely committed” to investing in the future of face-to-face financial planning, and wants to bring “well-controlled, high quality” financial planning to more customers.

He said Old Mutual will continue to invest in its proposition, including its distribution channels through Intrinsic, in a bid to support the wider advice market.

When Old Mutual Wealth Private Client Advisers launched in 2015, its chief executive Nigel Speirs said he planned to buy 10 regional offices over five years.

Old Mutual also looks to help train up financial advisers by offering graduates of the Financial Adviser School, which is bought from Sesame earlier this year, a route into the profession as employees of its Private Client Advisers division.

DQS, which bought Castellan Financial Management in 2006, provides financial planning to clients from its base in Newton Abbot.

The acquisition is subject to regulatory approval.