Personal Touch and Tenet in talks with Park Row
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The move comes just days after Park Row announced that it has ceased exclusive talks with 2plan Wealth Management for the transfer of its 240 advisers to the firm.
Park Row chief executive Peter Sprung says: “Over the past couple of years we have worked hard at Park Row to restructure the business to suit the changing UK marketplace. We have great advisers and we had built a quality support structure, but the circumstances now are that we need to wind down the business.
"So aside from sadly winding down our operations in accordance to the necessary consultation procedures, much of our focus is on seeking to transfer our advisers to a quality IFA networks.
"We could not come to the right outcome with 2plan, but we are pleased by the interest of Personal Touch Financial Services and The Tenet Group We hope our advisers will make the most of the roadshows we have organised this week. We believe these firms will offer advisers a good choice of options."
Tenet group distribution and marketing director Keith Richards says: "We are delighted to have been invited by Park Row to update their advisers and address any questions whilst at the same time present alternative business solutions for the future. We have always respected Park Row and we hope that Tenet will offer its advisers an ideal solution to continue their long career in financial services."
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Readers' comments (3)
Evan Owen | 6 Oct 2009 10:00 am
Rearranging the deckchairs...
The advisers should consider their options very carefully.
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Julian Stevens | 6 Oct 2009 10:59 am
Personal Touch and Tenet in talks with Park Row
From what I know of Park Row, they set high standards for their advisers, but what may well have weakened the firm's ability to weather a prolonged downturn in new business is a failure to have built a sufficiently strong recurring and non-indemnity revenue stream. Then again, the regulatory requirements on all IFA businesses these days are so onerous that it can hardly take much to turn a slender profit into a terminally corrosive trend of sustained losses. Still, as far as the FSA is concerned, everything's going according to plan. And there will be others, you can bet on it.
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Craig Jarvie www.realitymortgages.com | 6 Oct 2009 11:25 am
Personal Touch and Tenet in talks with Park Row
We have recently Joined Personal Touch Financial Services from being Directly Authorised and what I can say is for any Advisers who are trying to rebuild and find new ways of attracting customers Personal touch offer excellent marketing help combined with a very good technology in the Toolbox system offering a paperless fact find and compliance help.
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