Park Row announced last week that exclusive talks with 2plan Wealth Management had collapsed. 2plan chief executive Chris Smallwood says he was shocked at not finding out the deal had fallen through until the press statement on Friday, having expected it to complete that day.
Park Row chief executive Peter Sprung says: “We could not come to the right outcome with 2plan but we are pleased by the interest of Personal Touch and The Tenet Group. We hope our advisers will make the most of the roadshows we have organised this week.”
Tenet and Personal Touch both say advisers would retain ownership of their clients if they transfer to either firm.
Tenet group distribution and development director Keith Richards says: “We are delighted to have been invited by Park Row to update their advisers and address any questions while at the same time present alternative business solutions for the future. We have always respected Park Row and we hope that Tenet will offer its advisers an ideal solution to continue their long career in financial services.”
Personal Touch group sales director Dev Malle says: “A key part of our strategy has been to grow the IFA business and so quality advisers from Park Row will fit well into our strategic plans.”
Smallwood says 2plan is disappointed it was unable to pursue the bulk transfer of advisers but will still welcome Park Row advisers that want to join and says a number have submitted applications.