Advisers are posing an “existential threat” to the wealth management industry as more businesses take a slice of the different parts of the distribution chain. That is one of the findings of consultancy Fundscape’s latest report, which says the advice channel accounts for around half of all industry sales. Fundscape says advisers and platforms will […]
Steve Murray is moving aside from his position as chairman of 1825, Standard Life Aberdeen’s advice arm, to take on a new role with the wider group. Murray was instrumental in the founding of 1825, serving as chief executive from 2015 when it was set up, until last September, when he took on the chairman […]
Sanlam UK has brought in Richard Pursglove as its new distribution head to lead the business’s sales and marketing strategy. Pursglove most recently worked at Aberdeen Standard Investments to support the integration of the global distribution team during the merger of Aberdeen Asset Management and Standard Life. Pursglove started his career as an IFA and […]
Fidelity has confirmed a change in leadership for its advice business Fidelity Retirement Services. Former Fidelity personal investing head Jonathan Hewitt has left the business with Stuart Welch, who also oversees Fidelity’s share dealing service, taking on that role. As personal investing head, Hewitt was responsible for Fidelity’s advice business as well as its direct-to-consumer […]
Losses at Quilter-owned advice network Intrinsic have increased again. The business has reported an operating loss of £15.1m in the year ended 31 December 2017, an increase on the £8.9m loss it made the previous year. According to accounts filed to Companies House, the increased loss at Intrinsic Financial Services was due to growing its […]
The listing of Quilter contributed to a 42 per cent increase in post-tax profit at Old Mutual in the six months ended 30 June. Quilter, formerly Old Mutual Wealth, listed on the London Stock Exchange valued at £2.76bn on 25 June. In half-year results released this morning, South African business Old Mutual, which is still listed […]
Royal London chief executive Phil Loney has pressed government to commit to the pensions dashboard project, saying the initiative will bring UK savers in line with other countries. In July, The Times reported secretary of state for work and pensions Esther McVey was considering shelving the dashboard because it is not the government’s responsibility. A […]
Standard Life’s restricted national advice arm 1825 has disbanded its team that supported the transition of acquired IFAs. The company says it has incorporated the functions of the team into other areas of the business. Money Marketing understands the transition team comprised of around five people who have been offered redundancy or the chance to […]
Former Standard Life UK chief executive Paul Matthews has joined Quilter advice network Intrinsic as a non-executive director. Matthews has also been appointed a non-executive director to the Quilter board. Matthews worked at Standard Life between between 1989 and 2017 and during his time was also group executive director and Standard Life Wealth chair. In […]
Quilter has reported a 16 per cent increase in adjusted profit before tax in its half-year update; the first figures it has published since listing as a standalone business from Old Mutual in June. Adjusted profit before tax was £110m in the six months to 30 June, up from £95m in H1 2017. Quilter listed […]
Standard Life‘s advice business 1825 is setting its sights on the south coast of England, Northern Ireland and the Midlands for its next acquisitions. The business will also look to “bolster” what it already offers in other parts of the UK. 1825 is seeking national coverage by establishing regional hubs. It already has a presence […]
Standard Life Aberdeen‘s advice arm 1825 continues to make a loss three years after its launch. In financial results for the first six months of 2018, SLA says it continues to aim for national UK coverage for 1825. Two acquisitions this year taking the business to 80 financial planners across 14 locations providing face-to face […]
The British financial advice sector arguably faced its most difficult period in the 1980s and 1990s. Advisers have been collectively working since then to regain the trust of the public and promote the need for expert advice, while working under tightening restrictions designed to improve ethical conduct and increase client protection. During the same period of […]
Lloyds Banking Group revealed a bold three-year strategic plan last week, placing financial advice and pensions at the front of what it calls a “transformation for future success”. Shifts in the group’s focus have been high on the news radar of late, with its pensions arm Scottish Widows also set to review its asset management […]
St James’s Place’s 2016 results dropped a few weeks ago, and it proved to be another bumper year for the advice market giant. SJP reported profits of £140.6m, alongside record gross inflows of £11.4bn over the year. But the firm has come under fire in recent months over complaints and charges. Money Marketing has dug into the […]
You might not expect the chairman of a large adviser network to admit he was interested in Marxism as a young man, yet Sesame Bankhall Group’s John Cowan is very open about his past. Then again, not every financial services boss was raised in tenement housing without hot water or central heating, and with one shared […]
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It’s not easy to restructure a £110bn company. Old Mutual’s separation and rebrand has been two years in the making and has another two to go before the advice and platform businesses planners know so well fall under the new banner of Quilter. It’s not an accident that Old Mutual took the Quilter name – […]
The digital revolution has brought unprecedented opportunity to communicate but financial services seem more remote than ever to the UK public. Years ago, there was a strong correlation in the minds of the UK general public between financial matters and bicycle clips. In the days when milkmen delivered dairy products daily to the doorsteps of […]
Things are moving fast over at the newly merged Standard Life Aberdeen. The very first results for the combined company hit the wires this morning and, finally, a clear strategic direction is emerging. Overall, there were net outflows. Not a great start, particularly given Scottish Widows’ parent Lloyds’ decision to pull its £109bn mandate earlier […]