Quilter has acquired financial planning business Charles Derby in a deal that will add over 200 restricted advisers to its national advice arm.
Charles Derby was already a member of Quilter’s network Intrinsic but has now been fully acquired.
The acquisition will see over 200 restricted financial planners transition to Quilter’s national advice business during the 2019.
Quilter says the acquisition represents the next stage of its ambition to broaden out its national advice business.
It adds the deal complements Quilter Private Client Advisers which serves upper affluent and high net worth clients.
Quilter Private Client Advisers and Charles Derby are separate entities but both operate under the national advice business umbrella.
Darren Sharkey has been confirmed as managing director of the national advice business, responsible for Quilter Private Client Advisers and Charles Derby.
He was named interim managing director of Quilter Private Client Advisers in October last year.
Quilter’s advice businesses chief executive Andy Thompson says: “The need for financial planning has never been greater. However, despite the increasing consumer demand, there is a steadily dwindling supply of financial advisers.
“Quilter is committed to closing that advice gap by supporting the growth and development of the advice market. We see a demand for controlled, scalable advice from a Quilter brand and following the success of Quilter Private Client Advisers we are extending that model so we can serve a wider customer base.
“Charles Derby offers us a great opportunity to further grow our successful national advice business. It has been part of the Intrinsic network since launch, making it an excellent cultural fit and a strong basis for our developing national advice business. I look forward to continue working with Charles Derby’s staff and advisers.”
Charles Derby chief executive and chairman Chris Fautley adds: “Within Charles Derby we are proud of the growth in customer and adviser numbers we have achieved over the last three years and the acquisition by Quilter offers an exciting opportunity for us to accelerate this growth further.
“This acquisition allows us to continue to deliver high quality consistent advice from a trusted brand while also enabling us to build and expand our current services”.
“The strength and scale that Quilter brings adds further benefits to our clients as we deliver face-to-face advice to our ever growing customer base. Having been closely associated with Quilter, we are delighted to now be joining them and look forward to working together as part of a broader management team.”