Park Row has bought former LIA president Peter Sprung's IFA Citadel Financial Services and is launching a new division, Corporate and Private Clients, that will be advising on high-net-worth and corporate business.
Citadel's five advisers will form the core of the new division, which will be headed by Sprung. He hopes to take on 10 to 15 advisers from Park Row and aims to have 50 to 60 certified financial planners on board in three years' time.
Park Row is setting up an educational academy which will allow Corporate and Private Clients' advisers to follow a curriculum through to AFPC exams, if they are not already certified financial planners.
Sprung says: “Our objective is to have the most qualified advisers offering the best advice. Although there is no need for higher qualifications under current regulation, we intend to set our own standards.”
Park Row Associates managing director Tim Newman says: “We did not acquire Citadel for its turnover but for its business model, the advice process it follows and the type of client it advises. Park Row is providing it with the ability to develop on a national scale.”