Sanlam UK has confirmed plans to close down its adviser network business Sanlam Partnerships.
The firm said that the increased scale and systems capacity need to grow a financial adviser network no longer fits with its business model.
“All adviser firms have been informed of the decision and Sanlam will be working closely with those businesses to find new, high-quality networks and relationships to help support continuity to clients,” stated the firm.
Sanlam Partnership provides a range of outsourced investment products and services to independent financial advisers.
The firm did not offer any timeline for the wind-up of the unit.
Recently, Sanlam Wealth CEO John White left the firm. White was replaced by Sanlam UK chief executive Jonathan Polin as interim head of the unit.
Other developments at Sanlam UK
In September 2020, a financial advisory business set up by ex-Rugby player Francois Louw, joined Sanlam Partnerships.
In August last year, Sanlam UK announced its service Sanlam on Demand that provides no obligation, 30-minute virtual financial consultations.
In March last year, the company made leadership changes for its Harrogate office, including the appointment of Eleanor Ingilby as the head of the office.
In 2019, it acquired Thesis Asset Management for an undisclosed sum.
The deal included the private client business, distribution network, and direct support teams of Thesis.
The same year, Sanlam UK bought a 55% stake in Cheshire-based Avidus Scott Lang for an undisclosed amount.