Paradigm is to become a shareholder in IFA-owned wrap Nucleus and at the same time is adopting Axa Elevate as a strategic partner platform.
National IFA Paradigm has extended its deal to whitelabel Nucleus to power its platform by five years but says it will also use Elevate. A letter sent last week by Nucleus IFA Advisory Board chairman John Moore to Nucleus shareholders says: “The arrangement will result in Paradigm and the Paradigm partner IFAs becoming shareholders in Nucleus IFA Company. Furthermore, they have negotiated a commission-sharing deal with Axa Elevate for those IFAs wedded to using a major life company platform.”
Chief executive Paul Hogarth announced the Axa deal at the Paradigm Partners conference in Marbella last week. He says: “This is a significant partnership and has been introduced in response to demand from members for another provider.”
Nucleus chief executive David Ferguson says: “Paul Hogarth and his team have been friends of Nucleus since our early days and we share a very positive vision.”
Axa Wealth UK Distributors managing director David Thompson says: “The partnership with Paradigm is a significant development in the evolution of the Axa Wealth business.”
Paradigm recently announced SEI is to power its corporate platform, to go live in December.
Mitchell Moneypenny managing director Nicola Mitchell says: “The move is a testament to the strength Nucleus has built over the last two years.”