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OMW to ‘slow’ overall growth and focus on private client business

OMW to ‘slow’ overall growth and focus on private client business

Old Mutual Wealth’s chief distribution officer has said the provider’s advice network will probably grow at a slower rate, with more focus being given to its private client business.

Richard Freeman said the company still planned to grow, but would shift its focus onto those advisers who operate in a “halfway house” between being an IFA and being part of a restricted network.

Mr Freeman said: “We want to grow in all areas but in a controlled way. Yes, we want to grow our network, but probably not at the pace we have done over the last five or 10 years.

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“We have a really good relationship with the IFA community, but there is still a swathe of people who want to operate in a halfway house.

“We want to play in all the spaces that are good for our advisers and clients. Probably in private client advice that has been longer to get up and running, and we probably need to push on with that.”

Old Mutual Wealth Private Client Advisers was launched towards the end of last year to build a national advice offering.

Last month, the company bought Devon-based financial planning firm DQS Financial Management, adding an extra £200m in assets under advice.

In 2015, Intrinsic took on 150 firms from Sesame when it closed its wealth advice network following a strategic review.

At the time, John Cowan, executive chairman of Sesame Bankhall Group, said the days of networks “playing the numbers game” was over.

Simon Torry, a chartered financial planner with Essex-based SRC Wealth Management, said: “It is positive news that there are companies out there that see growth in the private client business.

“I have been approached a few times over the last year or so about whether we would be interested in selling.”