Adviser network Intrinsic and its parent company Old Mutual Wealth (OMW) are to launch a national advice business aimed at the "underserved segments" of the market.
Adviser network Sesame posted a loss of £10.3m in the year before it pulled the plug on its investment adviser arm - £20m less than the previous year, latest accounts show.
Sesame Bankhall Group (SBG) has reconfigured its management team following a strategic review that led to the demise of its investment advice network earlier in the year.
Sesame Bankhall Group (SBG) has lost almost 60% of its network's member firms in the wake of a decision to kill-off its problem-laden investment advice business.
Adviser network Intrinsic plans to take on 220 new advisers from the closure of rival network Sesame.
Debt-laden network Sesame has been given access to a £45m bailout fund by its parents Aviva and Friends Life.
Questions are being raised over the contracts on offer to exiting Sesame network advisers considering buying-in the support of its sister company Bankhall, which include an apparent two-year tie-in and "ridiculous" annual fees for services.
Network Intrinsic has been confirmed as the preferred partner of Sesame, promising advisers of the closing network a 'smooth' transition should they choose to switch.
Rival network appeals to burnt advisers
Clive Balchin had been with Sesame for 18 years but an ever more stringent approach to compliance pushed him to hand in his notice - just days before the group announced it was shutting its investment network.