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Shake-up at top of Standard Life's advice business

Shake-up at top of Standard Life's advice business

Julie Scott has been promoted to chief executive of Standard Life’s advice arm, 1825.

Current chief executive, Steve Murray, has taken on the newly created position of chairman.

Ms Scott, currently chief operating officer of 1825, has been with the company for three years.

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Meanwhile Michael Wall has joined 1825’s senior leadership team from Old Mutual Wealth to focus on business development.

Ms Scott said: “It’s an exciting time to be part of the team at 1825 as we continue to grow and go from strength to strength.

“I’m looking forward to taking on my new role and continuing to have a close working relationship with Steve.

“We have worked hard to establish a successful business and to bring fresh thinking to financial planning, ensuring more people get a great outcome as a result.”

Ms Scott has more than 20 years’ experience, beginning her career as a financial planner and working in regulated sales, customer service, operations and human resources.

Both she and Mr Murray will remain on the Standard Life executive committee.

Mr Murray will focus more on strategic development and will take on the wider role of managing director for commercial and strategy for Standard Life.

He said: “With 1825 now firmly established as a UK wide financial planning business with over 8,000 clients and assets of £3.4bn we are looking to move to the next phase of development.

“Our acquisition pipeline is very healthy and we continue to explore exciting opportunities.

“Julie is well established within 1825 and extremely well placed to take over the day to day running of the business.”

Mr Wall was a regional director based in West Yorkshire for Old Mutual Wealth.

Before this he held a variety of senior roles with a number of firms including Openwork Ltd, Berry Birch and Noble FS and Sedgwick, as well as a period of running his own consultancy firm.

Last month Standard Life reported 1825 now has 73 financial planners with more than 8,600 clients and assets of £3.4bn.

This was from a standing start with the acquisition of Pearson Jones in May 2015, which brought in assets of £1.1bn and 39 advisers and paraplanners.

Barry O’Dwyer, chief executive of pensions and savings at Standard Life, said the company had plans to invest in 1825 to turn it into a nationwide financial advice business.

He said: “It is already a substantial advice business and we are looking to add to that.

“It will grow organically but also I suspect it will acquire more businesses and we are constantly talking to businesses – it is just that none have come to fruition in the first half of this year.

“It has been running at a loss but it will break even in 2017.”