Old Mutual pushes deeper into UK advice space
Old Mutual Wealth and Intrinsic, a UK financial advice platform owned by Old Mutual Wealth, are strengthening OM’s position in the UK advice and funds distribution market by launching a new advice business – Old Mutual Wealth Private Client Advisers – and acquiring the Financial Adviser School from the Sesame Bankhall Group.
The Private Client Advisers business will target UK savers and investors with financial planning and product solutions sold under the Old Mutual brand.
Under distribution rules that apply in the UK for financial advisers serving retail customers, the new business will be defined as an “appointed representative” of Intrinsic. It will use the investment capabilities of Quilter Cheviot and Old Mutual Global Investors (they announced a new multi-asset business development earlier – see: http://www.investmenteurope.net/regions/uk/old-mutual-wealth-creates-dedicated-multi-asset-unit/ ).
OM said that Old Mutual Wealth Private Client Advisers “will deliver a scalable advice service with repeatable processes across a national advice proposition.”
The national presence will be built up ove the coming five years, targeting 10 regional offices and employing some 250 qualified advisers and support staff, OMW said. New advisers will be brought in after they finish their training at the Financial Adviser School.
Nigel Speirs will head the new business as managing director of Old Mutual Wealth Private Client Advisers.