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Intrinsic loses large IFA firm

Intrinsic loses large IFA firm

Caerus has seen its largest IFA firm leave a year after it was snapped up by Intrinsic.

At a turnover of £6m, IFA partnership Continuum was the largest advice firm, by turnover, authorised through the Caerus network, which was taken over by Intrinsic in June last year.

As part of the deal Caerus became a wholly-owned subsidiary of the Quilter-owned network, with its advisers becoming restricted and using the Intrinsic advice process over a phased transition on a firm by firm basis.

Continuum said it has decided that in order to further develop its client and adviser proposition, it required the greater flexibility and control that direct authorisation offers. 

The firm runs a national partnership of 38 advice firms, which it hopes to grow to 45 by the end of the year.

Its latest turnover figure of £6m had grown 33 per cent in the last year and assets are up 30 per cent to £750m.

Continuum managing partner Martin Brown said: "We offer clients the opportunity to trade with us face to face or online and have established a market leading client proposition.

"Our recent client satisfaction score of 94 per cent evidences the quality of our client engagement and the ongoing advice they receive from our team of 38 hand-picked independent financial advisers across the UK."

He said the business placed particular importance on its affinity partnership with accountancy training network the 2020 Innovations Group, which has generated income growth of 150 per cent for the business since Continuum's launch in June 2014.

Mr Brown said: "Links with major affinity partners has resulted in significant productivity increases for [our partners'] businesses.

"We have several new advisers about to be appointed now that we are directly authorised and we continuing to recruit additional high-quality IFAs to support our significant growth plans and further develop our partnerships with major accountancy firms across the UK."

The adviser also runs a workplace solution for the corporate market, which it launched in 2015.

An Intrinsic spokesperson said: "We’re always disappointed when firms decide to leave the network, but we understand their position and we have worked alongside them on the transition as they have sought regulatory approval.  

"The integration of Caerus is now well advanced and we’re happy with the progress."

carmen.reichman@ft.com