Succession is setting up a national proposition in collaboration with the first five firms it is set to acquire outright.
Succession Wealth Management will launch in the first quarter of 2012 subject to FSA approval and the firm will look to add more of the 40 partner firms it currently has stakes in.
New firms will become part of the national proposition when they complete the transition to the Succession model and are acquired outright. The transition involves advisers becoming RDR-ready through an internal training programme. Succession also plans to have its own mandated back-office IT system in the next 12 months.
Chief executive Simon Chamberlain says: “Having rapidly achieved our plans, there was an appetite to accelerate consolidation for those partner firms who had completed transition and were sitting on significant capital value within their business models.”
Succession has stakes in around 40 firms, with a total of 286 advisers and over £500m on its platform, which is a white-labelled version of Ascentric’s platform IFDL. It aims to reach £2bn-worth of assets under administration on its platform by the end of 2012.
Brunning Newman Houghton director David Brunning says: “I think this move proves the firm is looking at things from a creative point of view. The key will be to make sure there is sufficient control there to make sure advice given across the national proposition is consistent and beneficial to the client.”
In September, Succession moved from London to Plymouth as it restructured its management team. Because of the move, finance director Alan Wardrop quit the firm while Richard Rhodes was appointed commercial director, taking over the firm’s financial functions.