Maddison Monetary Man-agement and employee benefit specialist Lamens-dorf have teamed up in a bid to become a top 10 player in the UK and international IFA markets.
The Maddison name will disappear to be replaced by LM Financial as it becomes a wholly owned subsidiary of Lamensdorf.
It will sit alongside the London umbrella company's three divisions which include LM Corporate, LM International plus e-commerce division LME.
Through LM Financial and LM International, Lamensdorf will establish IFA firms in Europe, Japan and the Middle East.
Maddison managing director Mark Howard will become marketing director of LM Financial and will lead the merged company's bid to boost its total of UK-based registered individuals from the present 50 to 250 by 2003.
LM Financial is planning to recruit former tied agents, including ex-Prudential staff, for the domestic business and leading IFAs who will spearhead the overseas operations by recruiting and training local advisers to UK standards.
LM International advi-sers will deal with expatriates and domestic clients on all areas of financial and tax planning.
Howard says: “The writing is on the wall and our industry cannot sustain the current numbers of IFAs operating in this country. We wanted to ensure we would survive and have received significant funding for expansion plans through Lamensdorf. LM Financial is already the 35th-biggest IFA in this country but is looking to be a top 10 player in the next two years.”