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Quilter to add 400 advisers with Lighthouse acquisition

consolidatorQuilter is set to grow its adviser base by another 400 advisers after agreeing a deal to buy national firm Lighthouse for £46.2m.

Quilter’s network Intrinsic already has 3,500 avdvisers, including 1,600 restricted financial planners, and it is also the parent company of national Quilter Private Client Advisers.

In a stock exchange announcment this morning Quilter says that “as the advice market consolidates the strategic acquisition of Lighthouse will help secure Quilter’s position as the place to go for trusted financial advice in the UK.”

Intrinsic’s chief executive Andy Thompson adds that Intrinsic and Lighthouse “are highly compatible businesses with similar experiences, complementary structures and a shared focus on delivering good customer outcomes”.

Thompson adds: “The acquisition presents an opportunity to combine the expertise and capabilities of both businesses to accelerate our ability to provide customers with quality controlled financial advice. I look forward to working with Lighthouse’s staff and advisers.”

Lighthouse chairman Richard Last says: “We have continued to make good financial and strategic progress in recent years despite softening market conditions and a tougher regulatory backdrop.”

“However, the board believes that Lighthouse will benefit significantly from becoming part of Intrinsic and the wider Quilter group and will be better positioned to deliver an enhanced customer proposition and offer increased opportunities to current staff and advisers that will be available within a larger group.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. We are seeing larger and larger sales forces. Is this a good thing? How long before we revert to the old door to door sales tactics? You can call them what you like but the advisers/salespeople will be obliged to meet targets if they wish to keep their positions. These targets are determined centrally and are designed to cover costs and overheads not directly incurred by the sales force. Is this a retrograde step?

    • Agreed. Having worked as both ‘tied’ c20 years ago, ‘multi-tied / panel based’ c10+ years ago and IFA (last 9+ years), only the latter brought with it no ‘sales targets’.

      Yes, we have a business to run which generates targets of a sort (more, objectives really), but they are long term, organic targets/objectives where we are able to look to build lasting trusted relationships and the clients pay us for our time/experience/work.

      The FCA need to closely monitor those where there is distribution and manufacture under the same umbrella to ensure RDR is honoured, clients understand any limitations to advice and all conflicts of interest are known, identified and managed.

      One has to ask the question, why do manufacturers want a distribution arm (and the costs/risks/liabilities that brings) unless they think there’s a significant financial reward?

      … if there’s a financial reward then that refers back to conflicts of interest and the management thereof.

    • Harry,

      Whether larger sales forces are a good thing or a retrograde step is up for debate but, as an insider who’s worked in compliance in various Networks for a long time, I can confirm that our advisers are not targeted in any way other than similar to Paul Stocks’ later comment. They’re running their own businesses and have their own goals in terms of income / client relationships / exit strategies etc.

    • We don’t have positions, we are self employed consultants who operate our practices under a strict regulatory regime. The regime requires us to be compliant and to always provide best advise to our clients. If we deviate from this path then we face the consequences. Any targets we have, tend to be self-imposed and are more to ensure we have a sustainable business model which delivers a good outcome for both the client and ourselves and in turn the company’s regime we may sit under. Whilst we can certainly ‘target’ certain marketplaces, and sources, to improve the level of business we do, each client is an individual with individual needs and whatever product they may require simply comes down to that, not targets.

  2. Harry is right there is something of a deja vu about this.However this time the numbers are miniscule by comparison.At the start of regulation in April 1988 there were 350,000 Lautro registered advisers and 50,000 with Fimbra.
    Today…………just 25,000!

  3. Return of the sales force

    Two words I thought was consigned to the old world ….”Sales & Force”

    There may also be another reason, it seems, for some of us birds the open sky is a vulnerable place to be, so flocking to the perceived safety of the hedgerow is appealing ?

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