Succession Advisory Services managing director Sanjay Shah has stepped down amid a reshuffle of the company’s recruitment team.
Sanjay Shah sold his IFA to Succession in 2014 and was managing director of Succession Advisory Services, the platform arm of the group, from 2016.
He left his position this summer to become a recruitment ambassador for the wider group, Money Marketing has learned.
Meanwhile Succession’s integration team, which helped move acquired firms into the business, has been disbanded.
Succession says the function has been moved elsewhere within the company and it now has a greater recruitment capability.
Succession proposition and marketing director, Mark Stokes, says: “Sanjay Shah has, by mutual agreement, stepped down as the managing director of Succession Advisory Services and he is still retained on the recruitment side as a recruitment ambassador for Succession Group.
“He has formed a large part of the business over several years and he leaves on fantastic terms.”
In a “reverse consolidation model”, after two years as a member firm of Succession Advisory Services, advisers can sell out in full to Succession Group Ltd and continue to advise clients as employees, or sell part of their firm and continue to run the business.
Stokes says where acquisitions were previously more of a focus for Succession Advisory Services, they now tend to happen through Succession Group Ltd which is able to fast track firms into the consolidator if they are of the right quality and share Succession’s ethos.
Succession Advisory Services continues to make acquisitions of businesses that are already member firms.
He says: “The business continues to evolve and the focus is very much on making better and larger acquisitions so we have expanded our recruitment, of which Sanjay now forms part.
“Prior to [this development] we were focused on the reverse consolidation model. That still exists but the acquisitions are made in group and we felt it was necessary with our ambitions for the future to expand and grow that department and we have been able to do that fairly efficiently.
“All the integration team was offered the opportunity to apply for positions within the group business. Some chose to some chose not to. Everyone leaves on good terms.”