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Paul Feeney: Why Old Mutual is launching a national advice business

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I am a passionate believer in the value of financial advice and the benefits it brings to individuals and their families, as well as for the wider prosperity of society. For that reason I am extremely excited about the launch of our new national advice brand.

It is this same belief in the sector that prompted Intrinsic’s decision to invest in the Financial Adviser School currently run by Sesame. It is absolutely vital to the future of the sector that financial advice is seen as a rewarding career choice and we pave the way for the advisers of the future.

However, we recognise advisers may have reservations about the announcements we have made. In particular, some of you may be concerned about working with a provider that also has an advice capability under its own brand.

Let me be absolutely clear: our new national advice business will never target existing advised clients invested with any of the businesses within Old Mutual Wealth.

The company has invested heavily in specialist support, technology and product enhancements over the last two years. Those investments are an indication of our firm belief in the future growth of the sector and our dedication to supporting financial advisers across the UK and internationally will not falter.

Nonetheless, we do see opportunities to make the benefits of financial planning available to a greater number of customers in the UK. There remains an underserved group of consumers that will take comfort from the simplicity of advice, administration and product solution through a single, trusted brand. In response to that demand we are launching Old Mutual Wealth Private Client Advisers.

This national advice service can sit alongside the advice given by the local and regional adviser firms operating today. Many clients will prefer to take advice from a local or regional adviser business, keeping their chosen product providers at arms-length. Where that is the case, we will continue to support your business. But we know there is an advice gap in the UK and by giving customers increased choice we can help to tackle that problem.

Paul Feeney is chief executive of Old Mutual Wealth

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Comments

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  1. Paul Feeney is delusional if he doesn’t think that clients of financial advisers will be approached, even if it is unintentional. I was a broker consultant at Friends Provident when they launched First Direct and any OMW broker consultants should get ready for a steady stream of complaints and a loss of business …..

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