UK-based advisory group Sesame Bankhall (SBG) has named Intrinsic as its preferred network partner for investment advisers who decide to leave the network.
The move comes after Sesame unveiled its plans to close its network and wind down its Financial Adviser School in order to help the group return to profit.
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Following the overhaul, appointed representative will have to select between going directly authorised as part of Bankhall, moving to Intrinsic, joining another network or becoming directly authorised.
Advisers joining the Intrinsic network from Sesame will receive a benefits package which will include regulatory fees as well as trail commission arrangements.
Advisers also have the option to become directly authorised with Bankhall on the same terms.
Sesame will not charge any exit fees under the Intrinsic arrangement and will continue to pay commission while clients are transferred.
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By GlobalDataAt the same time, advisers will be given help transferring clients, while FCA fees will not be doubly charged. Sesame will also pay the FSCS interim levy.
Sesame Bankhall executive chairman John Cowan commented, "For some, direct authorisation will be the right way to go, and other wealth firms will be best served through continuing to be part of a network. We are pleased to have agreed transitional arrangements with Intrinsic. For advisers choosing this route, we are committed to continuing to work closely with Intrinsic in the coming months to make the transition as smooth as possible for their business and their customers."
