Money Marketing first revealed that the firms were in talks two weeks ago.
It is understood they are still waiting for the FSA to approve the transfer. The regulator was expected to reach a decision by September 11 after meeting with the firms to discuss the mechanics of moving this number of advisers in bulk on September 9.
2Plan has around 180 advisers but that could rise to 420 if the deal goes through, although Park Row advisers would not be obliged to move to the firm.
A spokeswoman says: “2plan Wealth Management is close to finalising an agreement with Royal Liver’s Park Row Associates subsidiary, subject to regulatory confirmation.
“The deal will result in those advisers moving to 2plan Wealth Management, doing so within a matter of weeks.”
A number of other firms are thought to have shown interest in Park Row’s advisers but it is believed 2Plan and Royal Liver have now signed an exclusivity agreement.
Royal Liver says it has notified all staff about the potential for redundancy.
A letter, circulated to Park Row advisers recently, states: “A bulk transfer is in the best interests of advisers as it enables those advisers electing to transfer to the new firm to carry on advising clients without the need for reapplying for FSA authorisation.”
Royal Liver has been looking to offload its IFA arm for some time. Park Row’s last accounts show a £7.4m loss for 2008 after a £8.2m loss for 2007 and include auditor concerns that it may need further support from Royal Liver, depending on an ongoing FSA investigation into the firm’s systems and controls.