National IFA Continuum Financial Services has decided to cut ties with the Caerus network to become directly authorised.
The 38-adviser firm says that with assets under influence set to exceed £1bn in the next 18 months, it has opted to go directly authorised so it can have greater flexibility over its client and adviser proposition.
The firm says it became the largest IFA within Caerus since launching in 2014, and has plans to expand digital offerings and ties with accountancy practices.
Continuum managing partner Martin Brown says: “We have several new advisers about to be appointed now that we are directly authorised and we are continuing to recruit additional high-quality IFAs to support our significant growth plans.”
Caerus was formed by Keith Carby, who was also instrumental in the formation of advice giants like Openwork, Tenet and Foster Denovo.
Caerus was an independently-owned network, before being bought by Quilter-owned Intrinsic last year. Sanlam had previosuly been in dicussions about acquiring a 20 per cent stake in the firm but pulled out of the deal.
Carby left the business following the completion of the deal.
Money Marketing understands that one other sizeable advice business is also currently looking to leave the Caerus network.
Continuum’s move follows the decision of some other national advice businesses like LEBC, who said they reached sufficient scale to pass on full network membership, in LEBC’s case with Tenet.