The chief executive of Standard Life’s restricted advice business 1825, Steve Murray, is taking on a new role as commercial and strategy managing director at Standard Life.
Murray will also take on the newly created position of 1825 chairman, as the business has also poached from Old Mutual to bolster it ranks.
Murray was appointed chief executive of the Standard Life-owned business at the end of 2014. Under his leadership it has acquired advice firms Pearson Jones, Baigrie Davis, Jones Sheridan and Munro Partnership. A deal with Norwich adviser Almary Green fell through last year.
Murray will continue on the 1825 executive team.
1825 chief operating officer Julie Scott will take over as 1825 chief executive.Old Mutual Wealth regional director Michael Wall joins 1825 to focus on business development.
Murray says: “I’m delighted to be taking on the role of chairman of 1825 helping its continued strategic development as well as the broader commercial and strategy role in Standard Life.
“With 1825 now firmly established as a UK wide financial planning business with more than 8,000 clients and assets under advice of £3.4bn we are looking to move to the next phase of development. Our acquisition pipeline is very healthy and we continue to explore exciting opportunities.”
Scott says: “It’s an exciting time to be part of the team at 1825 as we continue to grow and go from strength to strength. I’m looking forward to taking on my new role and continuing to have a close working relationship with Steve.”
In its first 16 months of business, 1825 Financial Planning reported a £5.5m loss. Total revenue was £1.1m and total expenses were £8.1m, resulting in pre-tax losses of £7m.