Sanlam has announced that advice firm Ergowealth has become the first to join a new partnership programme it launched in 2017.
Marlow-based Ergowealth, founded in 2013, will bring £165 million in assets under advice from 290 private clients to the partnership programme.
Providing investment and lifestyle financial planning services to private clients, businesses, charities, and solicitors, the advice firm will be able to take advantage of the wider services in the Sanlam group, such as investment research, business consultancy, and access to capital.
The programme allows Ergowealth to keep ownership of its business and clients, while also allowing it to draw on Sanlam’s HR, IT, and compliance departments.
Sanlam UK wealth division chief executive John White says Ergowealth will be granted the “tools and support it needs to grow” as it delivers an outcome-driven service to its clients.
Ergowealth chief executive Alastair Whitehead says that the move will not affect the way the business is run in the long-term, although he is looking forward to benefitting from Sanlam’s “considerable capabilities and resources”, which he hopes will facilitate growth for the firm.
Whitehead says: “At a time of consolidation in the advice market this move secures the longevity of our business. We will now be pursuing a growth plan over the next five years through recruitment and acquisition to build Ergowealth into the leading chartered financial planning firm in the region.”
Whitehead says that Ergowealth was ultimately enticed by the Sanlam partnership programme, despite talking to a number of consolidators and investors active in the UK advice market.
He says: “The Sanlam partnership proposition was unique, enabling access to capital to grow without compromising our business model, without prejudicing the interests of our clients or our staff, and without losing control of either the ownership or the management of our business.”