Paradigm to become Nucleus shareholder as it seals Axa Elevate deal

Paradigm is to become a shareholder in IFA-owned wrap Nucleus and at the same time is adopting Axa Elevate as a strategic partner platform.

The IFA firm has extended its deal to white-label Nucleus to power its platform by five years but says it will also use Elevate.

A letter sent this week by Nucleus IFA Advisory Board chairman John Moore to Nucleus shareholders says: “The arrangement will result in Paradigm and the Paradigm IFAs becoming shareholders in NIFAC in due course. Furthermore they have negotiated a commission-sharing deal with Axa Elevate for those IFAs wedded to using a major life company platform.”

Chief executive Paul Hogarth (pictured) announced the Axa Elevate deal at the Paradigm Partners conference in Marbella today.

Hogarth says: “This is a significant partnership and has been introduced in response to demand from members for another provider to be added.”

Nucleus chief executive David Ferguson says: “Paul Hogarth and his team have been friends of Nucleus since our early days and we share a very positive vision for a post-RDR world.”

Axa Wealth UK Distributors managing director David Thompson says: “The partnership with Paradigm is a significant development in the evolution of the Axa Wealth business.”

Paradigm recently announced SEI is to power its corporate platform which will go live in December.