Support Services firm Threesixty has taken a 25 per cent stake in outsourced paraplanning business The Timebank.
The move sees Threesixty managing director Phil Young take a seat on The Timebank’s board.
The Timebank has eight paraplanners and three admin staff. It was founded in 2003 by managing director Damian Davies.
The remaining 75 per cent of the firm is owned by Davies, technical director Colin Fergusson, operations director Debbie Evans and an unnamed partner.
Young (pictured) says: “We have been very supportive of the emerging paraplanning profession for some time so this is a natural step for us. Harnessing our compliance and technical expertise to The Timebank’s planning prowess is a very compelling proposition.”
The Timebank managing director Damian Davies says: “What is important to us is to innovate and so we are really looking forward to continuing to improve the delivery of paraplanning services to our clients.”
PMI Independent Financial Advisers director John Stewart says: “It seems like a good fit between Threesixty and The Timebank. I think it will probably open a few doors to those advisers who use Threesixty and are looking for some paraplanning assistance.”