Aegon UK is bringing together its five wholly-owned IFAs into a single firm called Origen aiming for 5 per cent market share within four years.
The move sees familiar IFA names Advisory & Brokerage Services, Wentworth Rose, Aurora Financial Group, Momentum Financial Services and Elliott Bayley merge into a single 200-RI operation.
The new brand will be marketed nationally as an independent advice proposition, with an Origen online execution-only operation being developed.
Origen plans to offer the expertise of each of the five firms through all its centres across the UK. Advisers and clients from the five firms will all have access to Wentworth Rose's annuity offering, A&B's self-invested personal pension product, Aurora's healthcare range, Momentum's corporate advice expertise and Elliott Bayley's experience in the high-net-worth sector.
Aegon wants Origen to boost turnover to £90m – around 5 per cent of the IFA market – from the current combined turnover of £36m and double adviser numbers to 400 by 2008 through organic growth of the business.
The firm plans to target high-net-worth individuals through professional introducer marketing campaigns and also sees lucrative business potential in the 50-1,000-employee small to medium enterprise sector.
Origen chairman Peter Dornan says: “Globally, Aegon is a distributor as well as a product manufacturer and my commitment is to make Origen a successful and profitable distribution business.”
Origen chief executive Gareth Marr says: “There is absolutely no question that we will offer anything other than independent advice. We have all spent our lives building this team of award-winning firms on the basis of independence. With Aegon backing, we are now going to combine our individual successes and become a leader in the UK advice market.”