Old Mutual Wealth Private Client Advisers is setting up shop in Birmingham with the purchase of two advice firms in the region.
The acquisition of Premier Planning and Premier Wealth will add more than £170m in assets under advice to the Old Mutual Wealth-branded financial planning business.
As part of the deal to buy the 30 year old firms, Premier Planning owner and managing director, Richard Usmar, will remain with the business in a consultancy role.
Premier Wealth managing director Mark Grainger will join Old Mutual Wealth Private Client Advisers “to ensure continuity of service”.
The terms of the acquisition mean that Old Mutual Wealth Private Client Advisers will take on all liabilities for past advice, so no liability is left that could in future fall on the industry-funded Financial Services Compensation Scheme.
When Old Mutual Wealth Private Client Advisers was launched in 2015, Old Mutual Wealth and its advice network Intrinsic also announced the acquisition and re-launch of the Financial Adviser School (FAS).
From the first cohort of students, three graduates will soon join Old Mutual Wealth Private Client Advisers in different offices around the country having obtained their level 4 Diploma in Financial Planning.
FAS students come from across the industry, with both Old Mutual Wealth Private Client Advisers, Intrinsic advisers, and non-affiliated firms supporting trainee advisers through the process.
Nigel Speirs, managing director, OMW Private Client Advisers, said: “This is another important milestone for Old Mutual Wealth Private Client Advisers.
“We now have five regional offices, allowing us to deliver quality face to face financial planning to a growing number of clients across the country.”
Richard Usmar, Premier Planning managing director, said:
“Growing this business and servicing our clients over more than 30 years has been a real joy.
“I am particularly pleased that I can pass my business over to a well-resourced client focused business.
“I look forward to working with the team for many years to come, knowing that on a day to day basis my clients are in safe hands with Mark Grainger and his colleagues at Old Mutual Wealth Private Client Advisers.”
laura.miller@ft.com
