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.”