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Intrinsic launches practice buyout initiative

09/02/2015

Intrinsic, the UK’s leading network for financial advisers and part of Old Mutual Wealth, is launching a practice buyout scheme for advisers within the Network.

The scheme will connect appointed representatives of Intrinsic that are seeking to sell their business with others that wish to expand through acquisition. Those wishing to sell their business will be able to realise value from their business whilst at the same time ensuring continuity for their clients, who can continue to receive high quality service from another Intrinsic adviser.

Financial backing from Old Mutual Wealth will enable advisers that are looking to expand their business to borrow from Intrinsic at preferential rates in order to fund purchases of other advice businesses within Intrinsic.
The initiative is open to both independent and restricted ARs and Partners at Intrinsic and Positive Solutions. Both sellers and buyers must be part of the Intrinsic network to be eligible. Buyers must have been appointed representatives for at least three continuous years, whilst sellers must have been part of Intrinsic or Positive Solutions for at least five years.
Intrinsic chief executive, Richard Freeman, says:
“This is another example of our commitment to helping financial advisers grow their businesses and realise value from that business when the time is right. It demonstrates the value of us being part of Old Mutual Wealth.
“The practice buyout initiative will allow owners of successful financial planning firms to sell their business while crucially ensuring their clients continue to receive a high quality of service from an adviser within the Intrinsic network.”
Andy Thompson, distribution director at Intrinsic, commented:
“We know that for many advisers nearing the end of their career, securing an appropriate exit strategy that ensures their clients are well looked after is an important priority. Our practice buyout scheme represents an opportunity to agree a sale with another member of the Intrinsic network that is looking to grow their business through acquisition. These buyers will have the opportunity to benefit from highly competitive loan terms not available on the open market.
“Customers will benefit from the continuity and certainty of remaining with a trusted professional adviser operating under the same FCA-authorised network.”

The scheme will connect appointed representatives of Intrinsic that are seeking to sell their business with others that wish to expand through acquisition. Those wishing to sell their business will be able to realise value from their business whilst at the same time ensuring continuity for their clients, who can continue to receive high quality service from another Intrinsic adviser.

Financial backing from Old Mutual Wealth will enable advisers that are looking to expand their business to borrow from Intrinsic at preferential rates in order to fund purchases of other advice businesses within Intrinsic.

The initiative is open to both independent and restricted ARs and Partners at Intrinsic and Positive Solutions. Both sellers and buyers must be part of the Intrinsic network to be eligible. Buyers must have been appointed representatives for at least three continuous years, whilst sellers must have been part of Intrinsic or Positive Solutions for at least five years.

Intrinsic chief executive, Richard Freeman, says:

“This is another example of our commitment to helping financial advisers grow their businesses and realise value from that business when the time is right. It demonstrates the value of us being part of Old Mutual Wealth.

“The practice buyout initiative will allow owners of successful financial planning firms to sell their business while crucially ensuring their clients continue to receive a high quality of service from an adviser within the Intrinsic network.”

Andy Thompson, distribution director at Intrinsic, commented:

“We know that for many advisers nearing the end of their career, securing an appropriate exit strategy that ensures their clients are well looked after is an important priority. Our practice buyout scheme represents an opportunity to agree a sale with another member of the Intrinsic network that is looking to grow their business through acquisition. These buyers will have the opportunity to benefit from highly competitive loan terms not available on the open market.

“Customers will benefit from the continuity and certainty of remaining with a trusted professional adviser operating under the same FCA-authorised network.”

For more information contact

Ben HowellIntrinsic Financial Services+44 (0)1793 647426Ben.Howell@Intrinsicfs.com

Notes to editors:

Quilter is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.

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