Sanlam looks to hit 1,000 advisers by 2020

sanlam-advisersSanlam UK has revealed ambitious plans to grow to 1,000 advisers over the next two years.

Speaking at the Money Marketing Interactive conference yeasterday, Sanlam UK group chief executive Jonathan Polin said the wealth manager is also planning to invest directly into stocks and bonds in an attempt to cut costs.

The vertically integrated firm currently acts as a discretionary manager for external advisers, but is mainly used by its own planners.

Polin said: “People forget that the challenge to move into discretionary [management] is that it is expensive to get the permissions and you need scale.

“The big issue we have in the industry is charges. When do you begin to use third party funds? So we are trying to get directly into the asset classes – that keeps costs down. Clients are more savvy today and high cost kills performance.”

In October 2016, Sanlam set up a new combined wealth management business to bring together its discretionary fund management and financial advice arms.

Polin said the company has “different routes” to get to 1,000 advisers including partnership programmes, growing its network organically and further acquisitions.

In August last year, it acquired 158 advisers from Cheltenham-based Tavistock Financial’s network in a deal reportedly worth £1m.

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