Old Mutual Wealth and Intrinsic launch national advice business

It is one of two key initiatives announced today, as Intrinsic also announced plans to acquire Sesame’s financial adviser school.

The business believes there is demand in the market place from consumers looking for advice, administration and product solution from a single brand. It therefore recognises an opportunity to deliver a package of financial planning and product solutions under the Old Mutual brand.

The new national advice business will be an appointed representative of Intrinsic and will deliver a scalable advice service with repeatable processes across a national advice proposition.

Over the next five years, Old Mutual Wealth Private Client Advisers plans to build a national advice offering through ten regional offices, employing circa 250 qualified advisers and additional support staff.

The business will grow through client bank acquisitions and the recruitment of new advisers trained through the Financial Adviser School.

Intrinsic is reportedly in "advanced stage discussions" with SBG on the acquisition. The School closed in April when Sesame scrapped its investment advice network.

Nigel Speirs will lead the new business as managing director of Old Mutual Wealth Private Client Advisers.

Old Mutual Wealth chief executive Paul Feeney, said:

“Financial planning brings immense benefits to individuals, their families and the prosperity of wider society. But too many people are today choosing not to take advice, often with troubling consequences.

“Our research shows that those who take advice and build a financial plan recognise the benefits and are better- off in retirement*.  By growing the advice market we can give more people the opportunity to access the benefits of advice.

“Providers have historically not done enough to support the growth and development of the advice market. Old Mutual Wealth will play a leading role in strengthening the footprint of advice in the UK. This means supporting advice in all its forms whether our national advice business; regional and local advisers; or appointed representatives of Intrinsic and other networks."

Intrinsic chief executive Richard Freeman, added:

“We are delighted to announce the launch of our new national advice business. The new business will allow Intrinsic and Old Mutual Wealth to bring well-controlled, high quality financial planning to customers we have never been able to reach before.”

Nigel Speirs said:

“I am delighted to have joined Old Mutual Wealth. They are backing advice in the UK by putting their money where their mouth is and improving access to financial planning services for people right across the UK. The formation of Old Mutual Wealth Private Client Advisers is a sign of their commitment to the future of advice in the UK.”