Multi-tie network Intrinsic Financial Services has bought Mint in its first move into IFA distribution.
Intrinsic will take on Mint’s 240 registered individualsto add to its 1,250 advisers. Mint will continue as a brand and will be run as a separate entity, with adviser contracts staying with Mint.
Mint chief executive Paul Gains and the other members of the management team will retain their roles. It is still to be decided if Gains will take a seat on the board at Intrinsic.
Intrinsic group chief executive Kevin Ronaldson says: “This was an opportunity too good to miss but we are not swallowing Mint into Intrinsic. We are very pleased with our multi-tie but the IFA will always exist and we would like to be a part of that. We see professional face-to-face advice as the way of the future.”
He says Mint was the only one in the frame to be bought and there is a good cultural fit between the two businesses.
Gains says “This is great news for Mint and its network of professional IFAs. I look forward to working with Kevin and the team. I have no doubt that, with Intrinsic’s backing, Mint will continue to flourish and become an increasingly powerful force in our market.”
One of Intrinsic’s biggest producing firms has ditched the multi-tie in favour of whole of market independence through Sage network.
Perfect Day, which is based in the City of London, has around 40 advisers and moved its appointed representative status from Intrinsic Financial Services to Money Portal’s Sage, which is based in Macclesfield.
Perfect Day chief executive John Groszek says: “Intrinsic, and especially Lord Leitch, was good to work with because they understand Perfect Day and our business model.
“However, we felt that being a multi-tie was restricting the Perfect Day market proposition to our clients. Our clients are the heart of everythingwe do and by joining Sage we can deliver our clients a much better individual service.”