Your IndustryMar 1 2017

Succession reveals ambitious growth plans

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Succession reveals ambitious growth plans

Succession has said it is working on a "revolutionary" change to its platform.

Simon Chamberlain, the company's chief executive, said it would see Succession's platform become a "platform of platforms".

He said it would involve Succession outsourcing the technology but taking on responsibility for being the platform provider.

Mr Chamberlain said: "That gives us a unique scenario where we have got a lot of opportunities.

"Succession's platform becomes a platform of platforms.

"Clients will be going onto our platform but we may link that platform to other people's platforms and just own our assets wherever they sit."

He said this would allow Succession's advisers to source the best pricing for their clients.































































Mr Chamberlain said he would be introducing this in 2017.

He said there were "five or six" platform providers which provide this service, citing Cofunds, SEI and IFDL.

On the wider business, Mr Chamberlain said a new acquisition would be announced imminently, while while another nine are lined up for the rest of the year, with another 10 lined up for 2018.

Succession is preparing for a capital event in 2018, either by floating on the London Stock Exchange or accepting private equity investment.

Mr Chamberlain said the company is still accepting members who wanted to become part of Succession, with 12 expected to join this year.

But he had a warning for IFA firms seeking to sell their businesses.

He said: "There is room for small IFAs as a lifestyle business but none are going to contribute a real capital value.

"There is a massive issue building up in the networks. There is no access to capital.

"Networks are the elephants graveyard for IFAs if they want access to capital because they are making their business impossible to acquire.

"We would insist that the network member became directly regulated before we bought them."

damian.fantato@ft.com