In an update to the market today (June 15) the company announced its IFA arm had agreed a joint venture with charity Aspire in a deal which will see it provide post-settlement investment advice to clients paralysed by spinal cord injury.
The joint venture will be called Aspire Wealth Management Limited and will see Frenkel Topping receive 40 per cent of profits while 60 per cent will be returned to the charity.
According to Aspire 16 per cent of people who suffered spinal injuries in 2019 received compensation with amounts ranging from £500,000 to £5m, with the average person paralysed by spinal cord injury aged 55.
Brian Carlin, chief executive of Aspire, said: "Unfortunately, some people are injured at the very beginning of their adult lives which means financial planning is key.
"We welcome Frenkel Topping as our preferred IFA partner. At Aspire, we strive to improve the lives of people who have been paralysed by spinal cord injuries.
"As part of this, we want to provide sound financial planning advice to our users, an important element in ensuring people can lead independent and financially secure lives."
The joint venture is the latest in a string of deals agreed this year by Frenkel Topping as it doubles down on plans to expand its client base and boost assets under management.
Earlier this month the firm, which specialises in asset protection for clients who have been awarded compensation payments, agreed a joint venture with Manchester-based personal injury specialists Express Solicitors after it partnered with a law firm specialising in personal injuries in February.
In the same month it agreed a joint venture with an advice firm in a deal which will see its discretionary fund management services offered to external IFAs for the first time.
Richard Fraser, chief executive of Frenkel Topping, said: "It means a great deal to be working with Aspire and we believe our partnership is the first of its kind in providing investment advice to the users of a national spinal cord injury charity.
"This is a subject very close to my heart; my brother was paralysed at age 18 and has been a wheelchair user for over 30 years.
"I understand first-hand that spinal injuries are often life-changing and, as such, receiving the right awards and knowing how to plan financially for the future is essential to helping people regain a level of independence."
Mr Fraser added: "We are the market leaders in providing financial advice to vulnerable clients and strongly placed to advise people who have suffered catastrophic injuries to ensure their money works hard for them and lasts a lifetime."
rachel.mortimer@ft.com
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