Over the next five years, the new offering – Old Mutual Wealth Private Client Advisers – plans to establish ten regional offices around the country, taking on 250 qualified advisers and extra support staff.
The new national advice business will be an appointed representative of networking giant Intrinsic and will draw on the investment capabilities of Quilter Cheviot and Old Mutual Global Investors.
Single brand
Old Mutual said it was spurred on to create this fresh offering after seeing a demand from consumers looking for advice, administration and products from a single, trusted brand.
The business aims to deliver a scalable advice service, growing through client bank acquisitions and strategic partnerships.
“Providers have historically not done enough to support the growth and development of the advice market,” said Old Mutual Wealth chief executive Paul Feeney.
“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.”
Takeover
News also emerged today that Intrinsic has provisionally agreed to buy Sesame Bankhall Group’s (SBG) training school for financial advisers for an undisclosed sum.
In April, SBG said it planned to close the school as it looked for ways to return the business to profit.
During Intrinsic’s annual conference yesterday, the network’s chief executive Richard Freeman said the business is in “advanced stage discussions” with the Financial Adviser School’s current shareholder.
New blood
“It is vital that we ensure the future of the industry by bringing new blood into the [financial advice] sector,” he said. “This can only be achieved if talented graduates and others looking for a new challenge see the financial advice profession as a rewarding career and have access to quality training and support.
“Our planned investment in the adviser school is a real signal of our long-term commitment to broadening access to financial advice in the UK.”
The acquisition would mean the school could continue to support the next generation of financial advisers who are currently studying, while also accepting a new intake in 2016, Intrinsic said in a statement.
Old Mutual Wealth said the two new initiatives demonstrate its ongoing commitment to supporting the financial advice industry.
On Thursday, Old Mutual announced it was piloting a white-labelled online advice service.
