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Intrinsic

Money Marketing’s latest news, analysis and opinion on Intrinsic, a network of financial advisers founded in 2006 and headquartered in Swindon, UK. It was acquired by Old Mutual Wealth in 2014.

Intrinsic – news and analysis

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Pensions Advisers Pensions Retirement

Intrinsic pays redress over pension transfer advice complaint

Intrinsic must compensate a client for the pension transfer advice it gave them. According to a Financial Ombudsman Service decision, in 2015 Mrs C was told to transfer her two existing personal pensions valued around £80,000 to a new Sipp provider. This money was placed in a scheme where Mrs C could adopt a dynamic […]

23rd April 2018 1:00 pm
Distribution Advisers Distribution Investments

Intrinsic founder Richard Freeman announces retirement

Intrinsic founder and former chief executive Richard Freeman will retire from the business in June 2018. Freeman signaled in 2015 that he would leave the advice network at some point in early 2017. Intrinsic former managing director Andy Thompson replaced him as chief executive in December 2015, with Freeman remaining at the firm as an executive […]

20th February 2018 12:52 pm

Intrinsic – company overview

Intrinsic is a network of financial advisers founded in 2006 and headquartered in Swindon, UK. It acquired Positive Solutions in 2013 and Intrinsic was itself acquired by Old Mutual Wealth in 2014. As at 30 June 2016, 26 per cent of OM Global Investors (OMGI) net flows were through Old Mutual Cirilium portfolios, the OMGI multi-asset investment solution available to Intrinsic restricted advisers.

In February 2017 it was announced that Intrinsic was set to acquire financial advice network Caerus. The deal was completed in June 2017 with 300 advisers moving to Intrinsic. Both Caerus chief executive Keith Carby and Old Mutual Wealth chief executive Paul Feeney dismissed claims at the time that Caerus was acquired for a nominal sum of £1.

By June 2017, Intrinsic had taken a minority stake in its largest member firm: national planning business Charles Derby. Charles Derby, an appointed representative of the Intrinsic network, had at the time more than £1.3bn of assets under advice and 350 financial advisers working in the UK. A statement said the deal would not “materially impact” the day-to-day working relationship between Charles Derby and Intrinsic.

Intrinsic reported in August 2017 that it had seen losses increase by 45 per cent to £13m for the first half of the year. In its interim results, Old Mutual Wealth attributed the loss to a higher Financial Services Compensation Scheme levy and costs related to growing the business. It said: “Net flows from Intrinsic’s advisers generate substantial business for Old Mutual Wealth and thereby contribute to the business’ overall profitability.” In the same period, Intrinsic and Old Mutual Wealth Private Client Advisers contributed over £100m in net client cash flow to Old Mutual Wealth’s discretionary fund management business Quilter Cheviot.

It was announced in February 2018 that Intrinsic founder and former chief executive Richard Freeman would retire from the business in June 2018. Freeman had signalled in 2015 that he would leave the advice network at some point in early 2017. Intrinsic former managing director Andy Thompson replaced Freeman as chief executive in December 2015.

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Pensions Advisers Pensions

FOS penalises Intrinsic over Sipp transfer to Harlequin

The Financial Ombudsman Service has ruled against Intrinsic Financial Planning over a client who switched his personal pension to a self-invested personal pension in order to invest in Harlequin. Mr A complains that he received unsuitable advice from an appointed representative of Intrinsic to switch his personal pension to a Sipp. When the transfer was […]

13th February 2018 1:17 pm
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Pensions Advisers Pensions Sipps

FOS penalises Intrinsic for delayed pension transfer

The Financial Ombudsman Service has instructed Old Mutual Wealth-owned  network Intrinsic to compensate a client who lost money when their pension transfer was delayed. In the case Mr T complains the delayed transfer of his Occupational Pension Scheme resulted in him receiving a lower transfer value than originally quoted. In September 2016 Mr T found […]

6th February 2018 8:55 am
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Advisers Regulation

Intrinsic compliance lead departs after just eight months

Intrinsic head of regulatory and conduct risk Sheriden Davy is leaving the firm after just eight months in the role. Davy joined the Old Mutual Wealth-owned network in May, moving from True Potential where he had worked for two years as head of risk and compliance. Intrinsic says Davy is now joining national financial planner […]

18th October 2017 11:24 am
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Advisers Advisers

Intrinsic poaches True Potential head of compliance

True Potential Investments head of risk and compliance Sheriden Davy has left the firm after two years in the role. Before joining True Potential in May 2014, Davy was BlackRock‘s compliance and monitoring vice president. He also held senior roles with the Department for Work and Pensions and employee benefits administrator MyCSP. According to the […]

28th September 2017 3:05 pm
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Advisers Advisers Distribution

Intrinsic expects losses to continue as adviser headcount drops

Intrinsic Financial Services has reported a total comprehensive loss of £10.4m for the 12 months ended 31 December 2016, as it predicts losses to continue. The loss at the Old Mutual Wealth-owned business is less than the £11.5m reported in 2015. Operating losses decreased from £12.9m to £8.9m. The results statement says: “The decrease in […]

21st September 2017 1:08 pm
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Advisers Advisers Distribution Investments Pensions Platforms

Intrinsic increases losses to £13m

Company says net flows into the wider Old Mutual Wealth business contribute to the company’s overall profits

11th August 2017 8:35 am
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Advisers Advisers Pensions

Intrinsic pays redress after adviser recommends pension switch without speaking to client first

Intrinsic has compensated a client after one of its appointed representatives recommended a pension switch based solely on a fact find and risk questionnaire carried out by another employee and without speaking to the client first. A letter from Intrinsic about the complaint, seen by Money Marketing, outlines the compensation that will be paid, which […]

9th August 2017 12:50 pm
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Advisers Advisers Pensions Platforms Regulation

Intrinsic pays out after suitability letter and pension transfer form errors

Intrinsic offered to pay more than £1200 to the client as an apology

7th August 2017 12:32 pm
Old Mutual Wealth 2014
Advisers Advisers

Intrinsic buys stake in largest member firm

Intrinsic stake will offer advice firm “stability and security”

9th June 2017 2:49 pm
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Advisers Advisers Distribution

Intrinsic completes Caerus deal

Intrinsic network now comprises advisers from Caerus, Positive Solutions and Sesame Bankhall Group

2nd June 2017 8:49 am

More from Intrinsic

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Investments Advisers Distribution Investments

Intrinsic powers Old Mutual Wealth to ‘highest ever net flows’

Old Mutual Wealth has reported record net flows for the first quarter of the year of £2.7bn as the firm boosts its executive team with senior hires The growth in inflows was mainly driven by “integrated flows” of £800m for the first three months of the year, compared with £500m this time last year. The […]

28th April 2017 9:02 am
Stephen Gazard SBG MD 700
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Distribution Advisers Distribution

Intrinsic could prune riskier advisers from network

Old Mutual Wealth-owned network Intrinsic says it has no “programme” to de-authorise members amid speculation it is seeking to axe those it considers risky. Money Marketing understands from a source close to the firm that the network is looking to cut underperforming advisers that are deemed a risk to the business. Intrinsic has 3,300 advisers […]

29th March 2017 10:59 am
Stephen Gazard SBG MD 700
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Advisers Advisers Distribution Mortgages

Sesame’s Stephen Gazard to join Intrinsic

Sesame Bankhall Group managing director Stephen Gazard is to join Intrinsic in the newly created role of group managing director later this year. Gazard’s departure from Sesame was announced yesterday, amid an executive reshuffle. At Intrinsic, Gazard will work with chief executive Andy Thompson on the distribution strategy as well as leading the mortgage division. […]

1st March 2017 1:30 pm
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Advisers Advisers

Caerus chief to exit following Intrinsic takeover

Caerus chief executive and chairman Keith Carby will leave the business after a “transition period” following Intrinsic‘s takeover of the business. Earlier today Old Mutual Wealth-owned Intrinsic announced it will acquire the Caerus network in a deal that is expected to complete in the second quarter of this year. The deal is awaiting agreement from Caerus […]

28th February 2017 11:16 am
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Distribution Advisers Distribution

Intrinsic to acquire Caerus network

Old Mutual Wealth-owned Intrinsic is to acquire financial advice network Caerus The deal, which is expected to complete in the second quarter of this year, is awaiting agreement from Caerus shareholders and regulatory approval. Caerus has more than 300 advisers who manage more than £4bn of client assets. Intrinsic currently has 3,300 advisers. According to […]

28th February 2017 9:26 am
Leitch-Lord-FNZ-2013

Intrinsic chairman steps down from network and Old Mutual board

Intrinsic chairman Lord Leitch will step down from the network’s board at the end of March. He is also resigning his non-executive director position at parent provider Old Mutual Wealth. Former Alliance Trust deputy chairman and Lloyds Banking Group finance director Gregor Stewart will take over as Intrinsic chairman in April, subject to regulatory approval. […]

13th January 2017 11:55 am
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