Old Mutual Wealth to launch national advice arm

Old Mutual Wealth and its network Intrinsic are launching a national advice arm.

The business will be branded Old Mutual Wealth Private Client Advisers and will draw on the investment offerings from Quilter Cheviot and Old Mutual Global Investors.

The new business aims to offer advice through 10 regional offices employing around 250 qualified advisers plus support staff.

Old Mutual Wealth says it plans to grow the business through client bank acquisitions and strategic partnerships.

Intrinsic has separately announced plans to acquire Sesame’s Financial Adviser School, with recruits joining Old Mutual Wealth Private Client Advisers.

Former Sanlam Private Wealth chief executive Nigel Speirs, who joined Intrinsic in May, will lead the business as managing director.

Speirs says: “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.”

Old Mutual said the new business will grow through client bank acquisitions, and “strategic partnerships” but will not target existing advised customers of either business.

Old Mutual Wealth chief executive Paul Feeney says: “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.”

Old Mutual Wealth has recently announced it is piloting an online simplified advice service which can be white-labelled by advisers.

The provider is working with five advice firms to trial the service ahead of a wider roll out next year.