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Latest from the Media Centre

02/10

Old Mutual Wealth and Intrinsic launch national advice business

Old Mutual Wealth and Intrinsic are today announcing the launch of a national advice business, Old Mutual Wealth Private Client Advisers. 

It is one of two key initiatives announced today, which form an important part of Old Mutual Wealth’s ongoing commitment to financial advice (see Intrinsic to acquire 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, trusted 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 leverage the investment capability of Quilter Cheviot and Old Mutual Global Investors to deliver market-leading advice and investment management solutions to clients.

Old Mutual Wealth Private Client Advisers 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, strategic partnerships that will allow it to make advice accessible to underserved segments of the market, and the recruitment of new advisers trained through the Financial Adviser School.

Old Mutual Wealth and Intrinsic remain firmly committed to the existing advice market. Old Mutual Wealth Private Client will never target existing advised customers of either business.

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

Old Mutual Wealth chief executive Paul Feeney says:

“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 says: “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 adds: “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 Wealth / YouGov Redefining Retirement report September 2015

Notes to Editors:

Old Mutual Wealth

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

It has an adviser and customer offering spanning:

  • Financial advice delivered by the Intrinsic network in the UK and AAM Advisory in Singapore
  • Platform based wealth management and protection products delivered by Old Mutual Wealth in the UK & Italy* and Old Mutual International globally
  • Asset management solutions delivered by Old Mutual Global Investors
  • Discretionary investment management delivered by Quilter Cheviot.

Old Mutual Wealth oversees £119 billion in customer investments (as at 30 September 2016).

Old Mutual Wealth is part of Old Mutual plc a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 million customers across the world and has a total of £342.7 billion assets under management (as at 30 June 2016).

*Old Mutual Wealth announced the sale of Old Mutual Wealth Italy to Ergo Italia on 9 August 2016. The transaction is pending completion.

This press release is for journalists only and should not be relied upon by financial advisers or customers. Investments may fall or rise in value and investors may not get back what they put in.