IFA consolidator Perspective has been dealt a further blow after the director of one its acquired firms resigned from the business.
Money Marketing understands that in an email circulated last week, Perspective members were informed that Austyn Smith has resigned from Austyn James Consulting, the firm he founded in 1996 and which was acquired by Perspective in 2011.
The terms of the acquisition mean that following his departure, he can no longer advise any of his old clients.
Austyn Smith was on the Perspective advisory board, a group established to support relations between acquired firms and Perspective, Money Marketing understands.
The clients will remain with Perspective, with its staff continuing to advise them.
Money Marketing reported in January that Perspective had been forced to defer payments owed to acquired firms, with executive chairman Paul Hogarth injecting £2m of his own funds.
It remains unclear whether Smith was due outstanding payments when he resigned.
A spokesman for Perspective says: “We always knew that as we looked to restructure and revitalise the business a small number of advisers would decide it was not for them. As a business, it is important we focus firmly on those individuals and firms that understand and appreciate the opportunity ahead and that is exactly what we are doing.”
There have been a number of high profile departures from the management team in recent months, including group operations director Peter Craddock and finance director Phil Carr, and recently with managing director Damian Keeling. Craddock has since joined the FCA’s regulatory decisions committee.
Austyn James did not respond to requests for comment.