Old Mutual Wealth and its adviser network Intrinsic have launched a new national advice business, Old Mutual Wealth Private Client Advisers, to target underserved segments of the British market.
The new business aims to open 10 regional offices over the next five years employing around 250 advisers as well as support staff.
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The national advice business, which will be led by Nigel Speirs as managing director, will act as an appointed representative of Intrinsic and will draw upon the investment capability of Quilter Cheviot and Old Mutual Global Investors.
Old Mutual Wealth said that it is planning to grow the business through client bank acquisitions and strategic partnerships to serve underserved segments of the market.
The new business will offer a scalable advice service but will never target existing advised customers of either business.
Intrinsic has agreed to buy Sesame Bankhall Group’s (SBG) training school for financial advisers and is planning to hire new advisers trained through the Financial Adviser School.
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By GlobalDataOld Mutual Wealth CEO Paul Feeney said: "Our research shows that those who take advice and build a financial plan recognise the benefits and are better- off in retirement. By growing the advice market we can give more people the opportunity to access the benefits of advice.
"Old Mutual Wealth will play a leading role in strengthening the footprint of advice in the UK. This means supporting advice in all its forms whether our national advice business; regional and local advisers; or appointed representatives of Intrinsic and other networks."
Intrinsic CEO Richard Freeman says: "The new business will allow Intrinsic and Old Mutual Wealth to bring well-controlled, high quality financial planning to customers we have never been able to reach before."
Speirs said: "The formation of Old Mutual Wealth Private Client Advisers is a sign of theircommitment to the future of advice in the UK."
