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National and network numbers since RDR: Who’s up and who’s down

Individuals will no longer be named in most cases.

Research from data firm Matrix Solutions has set out the advice firms that have gained and lost the most advisers since the introduction of the RDR, with St James’s Place emerging as the big winner.

The latest update of Matrix’s observatory report on financial advisers outlines firm numbers based on the number of CF30 advisers and the number of registered individuals between December 2012 and September 2013.

The number of CF30 advisers denotes how many customer-facing investment advisers a company has, while RIs refers to the number of regulated individuals a firm has, which will include protection and mortgage advisers. Also, senior directors may be counted as RIs but not necessarily as CF30s.

The data shows St James’s Place gained 379 CF30 advisers in the nine months to the end of September, with the figure rising from 2,277 to 2,656. SJP also saw a rise of 318 RIs over the period, from 2,756 to 3,074.

Intrinsic gained the second largest number of CF30s over the period at 207, taking its total to 1,014. Its number of RIs also rose, from 1,243 to 1,283.

Sesame Bankhall Group’s number of CF30s increased from 924 to 995, but its number of RIs fell significantly – from 1,841 to 1,644.

Sesame’s drop of 197 in RI numbers was surpassed only by Personal Touch Financial Services, which saw a fall of 212 RIs, from 626 to 414. Personal Touch’s number of CF30 advisers rose marginally over the period from 70 to 74.

Among the largest directly authorised adviser firms, Aegon’s distribution arm, then including Origen and Positive Solutions, saw the largest decline in RI numbers with a fall from 945 to 660. It did, however, record a rise of 51 in CF30 numbers, from 595 to 646. Aegon agreed to sell the Positive Solutions business to Intrinsic in June.

Towergate was the only DA analysed by Matrix to see a fall in CF30 numbers, from 87 to 83.

In August, data from the FCA showed the total number of IFAs and restricted investment advisers had risen by 6 per cent between the start of the RDR on 31 December 2012 and the end of July, from 20,453 to 21,684.

Yellowtail Financial Planning managing director Dennis Hall says: “It is still too early to tell the full impact of the RDR on adviser numbers, as there may be further pain to come from the regulator on charging methods.”



Jamie Jenkins

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