View more on these topics

Sesame confirms Intrinsic AR referral deal

Sesame Bankhall has confirmed it has chosen Instrinsic as its preferred partner for investment and pension appointed representatives who choose to leave the network following its closure.

Last month, Money Marketing revealed that Sesame was planning the tie-up with the Old Mutual-owned network after it closed for business to investment advisers.

Following the restructure of the group, ARs will have to choose between going directly authorised as part of Bankhall, moving to Intrinsic, joining another network or becoming directly authorised.

There will be no exit fees charged by Sesame as part of the Intrinsic arrangement and commission will continue to be paid while clients are transferred. In addition, advisers will be given help transferring clients, including new business already in the pipeline, and there will be no double charging of FCA fees.

The FSCS interim levy will be paid by Sesame.

Transferring advisers can join either Intrinsic Financial Planning or Positive Solutions.

Intrinsic is accepting applications up to 31 July 2015, when Sesame closes. The network will also be hiring more staff as it takes on more advisers.

Intrinsic chief executive Richard Freeman says: “Advisers will want to know whether Intrinsic is the right option for their business. All networks are not the same. We run a hugely successful business that can reduce risk, deliver genuine customer value, and support advisers to grow their business and deliver outstanding service for their clients. We are looking forward to talking to the Sesame ARs and demonstrating the strength of our offer in May.

“Equally, we are looking for professional advisers that share our passion for great client outcomes and we will conduct our recruitment discussions on that basis. We see this as a significant opportunity to recruit high quality financial planners into our business, which is a key element of our growth strategy.”

Sesame Bankhall executive chairman John Cowan says: “For some, direct authorisation will be the right way to go, and other wealth firms will be best served through continuing to be part of a network. We are pleased to have agreed transitional arrangements with Intrinsic. For advisers choosing this route, we are committed to continuing to work closely with Intrinsic in the coming months to make the transition as smooth as possible for their business and their customers.”

Recommended

Lowe-Steve-700.jpg

Phoenix signs up to Just Retirement simplified advice service

Closed book insurer Phoenix is the first provider to sign up to Just Retirement’s new simplified advice service. The deal means retiring customers who do not have an adviser will be able to get personal recommendations over the phone on how to use their pension pot, including whether to keep their funds invested, take lump […]

Shaun-Sandiford-700x450.jpg
1

Octopus to offer VCTs through Transact

Octopus Investments is to allow investors to buy and hold shares in its Venture Capital Trusts through adviser-facing platform Transact for the first time.  The launch of the service follows a change announced in the Finance Bill 2014 which allows investors to buy VCTs directly via a platform. Previously, investors could only transfer their holding to […]

Chris-Hannant-glances-from-a-profile-pose-700.jpg
15

Apfa writes to Govt over ‘unjustifiable’ hike in adviser fees

Apfa has written to the major political parties to urge a rethink of what it terms an “unjustifiable” 10 per cent increase in advisers’ FCA fees. In a paper on proposed fees published in March, the FCA said A13 advisers will pay £74.9m in 2015/16, up by 10 per cent from £68m in 2014/15. The […]

Tree - thumbnail

The politics of healthcare

Healthcare is already one of the key battlefields in May’s general election, with each of the main parties committing to deliver improvements to the NHS and public health.

Lifetime ISAs – International Evidence

By Fiona Tait, Pensions Specialist Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment. To […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Whatever the Sesame advisers do I am sure we all wish everyone of them the best of luck

  2. Intrinsic’s commissions department is an utter shambles. It’s frightening to think how many incorrect transactions must have been processed over the last couple of years. Rather than focus of getting this right, they proceed with dragging in a load more advisers they also won’t be able to service. It’ll end in disaster.

  3. to all Sesame AR’s – go DA

Leave a comment