Standard Life has launched a nationwide advice arm and agreed a deal to buy Pearson Jones from Skipton Building Society for an undisclosed sum.
Standard Life says the new business will aim to meet increased appetite for advice following the introduction of the Government’s pension freedom reforms with face-to-face, telephone and online services.
Pearson Jones has assets of £1.1bn and 39 advisers and paraplanners working in northern England. The deal is expected to complete before the end of June.
Standard Life says the business will grow through acquiring advice firms that “align well with our operating model” and through the creation of a new academy to train new advisers.
Current advice, strategy and strategic investments managing director Steven Murray will chief executive of the new business.
Standard Life managing director Barry O’Dwyer says: “As a leading long-term savings business in the UK, this is an exciting next step for Standard Life. We already help millions of customers to save through the workplace and are a leading provider to the highest quality firms in the advice sector. Supporting advice has been a key part of our heritage since we were founded in 1825.
“We’re delighted Pearson Jones will be part of our new business. They have a single-minded focus on helping clients and are an excellent example of a progressive firm with an RDR-compliant, platform-based advisory proposition. We look forward to working with the team to support the growth of our new business.”