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Beeston to lead platform migration service

Millfield Partnership co-founder and former managing director Bryan Beeston is to head platform migration service Legacy Asset Systems.

Beeston, who is also founder of Clients Reunited, has been named as the new managing director of LAS, a service set up to help advisers transfer legacy assets on to platforms. Business consultant Stanley Kirk has also been named as one of the four founding shareholders in the firm and Dunstan Thomas was unveiled last week as one of the three founding partner firms behind LAS. The other firms have yet to be announced.

LAS says there are an estimated £1.9trn of legacy assets held in underperforming and largely unmanaged equity-based funds which could transfer to wrap platforms and benefit from a choice of funds, wrappers and tools for automatic rebalancing. The service will offer IFAs the ability to identify suitable clients, generate cost comparisons, suitability reports and access paraplanners for more complex cases.

Kirk says: “We intend to have a very small executive team. Until now, nobody has offered an independent, joined-up service which brings all the necessary elements together. The LAS service will be very cost-effective for IFAs, with payback periods normally no longer than 12 months and often as short as three months.”

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