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Towergate in talks with four firms and unveils toolkit to help IFAs move to fees

Towergate Financial is in acquisition talks with four companies as it launches a deal to help IFAs develop RDRready businesses.

The firm says it has shifted its original acquisition strategy from two years ago when it was pursuing rapid growth to a more selective approach.

Chief executive officer Ian Darby says: “We are continuing to look for selective acquisitions of high quality firms. We have four deals in the pipeline to be signed off by our investment committee and expect to make an announcement over the coming weeks.”

The company bought mortgage brokerage John Charcol out of administration in February.

Towergate Financial was forced to scale back its acquisition plans last June after it was placed into administration and folded into the Towergate Partnership group.

Towergate is preparing to launch a package of tools to help advisers move to an RDR-compliant business model.

The transition toolkit combines online services and client literature to help IFA firms make a move to a recurring fee model.

Part of the toolkit allows advisers to access a platform via their own website powered by Investment Funds Direct Limited which was chosen last month to power Intrinsic’s bespoke platform and is also the provider behind Ascentric.

Other modules in the toolkit include a fact-find, an attitude to risk tool, a multi-asset investment portfolio, a client service programme, and a monitoring committee which reviews the investment programme and is made up of senior members of the Towergate business and Towergate’s compliance and risk director.

The toolkit is neutrally branded allowing advisers to white-label the tools.
Advisers can choose which modules they want to adopt and will be charged accordingly, with the charge taken as a proportion of their recurring income.

Business development director Dan Saulter says: “Designing and building a whole of market investment proposition from scratch is extremely costly in terms of cash and management resources. We want to help a limited number of quality IFA firms to make this transition without giving up their ownership and brand.”

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