National IFA firm Wren Sterling has bought the client bank of a Northern Ireland-based company, taking its assets to more than £2bn.
The transfer of around 17,000 policies from First Trust Financial Services Limited came after its parent company, AIB Group, decided to focus on banking.
But it wanted to make sure its customers had ongoing access to independent financial advice.
Paul Chafer, chief commercial officer at Wren Sterling, said: “The opportunity for us to further expand our distribution into Northern Ireland is perfect for Wren Sterling’s growth plans.
“Recently, Wren Sterling has delivered a number of large projects primarily through telephone advice, servicing thousands of clients in a short space of time.
“Furthermore, our experience in the building society sector, where we are now the largest supplier in the market, means we are used to operating in branch for our partners and know how to integrate our services with other core services.”
Mr Chafer said he expected demand for financial advice to grow in the near future as clients look to build plans to weather volatility in the market, while institutions and employers seek to add value to their offerings.
He said: “We’ve seen increased demand for advice from clients in key areas like pensions and retirement planning advice in the past 12 months and I believe that will only grow through events like Brexit and as more people gain early access to their retirement income through pensions freedom.”
Last month Wren Sterling signed a deal to provide financial advice to members of Leek United Building Society.
This deal, which saw two advisers transfer to Wren Sterling, made the building society the firm’s eighth partner in the sector.
damian.fantato@ft.com
