A director of one of IFA consolidator Perspective’s acquired firms has resigned from the advisory board and the business.
In an email sent last week, Perspective members were informed Austyn Smith had resigned from Austyn James Consulting, the firm he foun-ded in 1996 and which was acquired by Perspective in 2011.
The terms of the acquisition mean, 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.
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 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.”
Austyn James did not respond to requests for comment.