IFA consolidator Succession Advisory Services says it is well on the way to achieving its target of bringing together £7bn funds under management after signing up a tenth adviser firm.
The business, founded by former Thinc (now Bluefin) chief executive Simon Chamberlain alongside three other industry stalwarts, has engaged with Cheshire-based tax, investment and business specialists Tax and Wealth Solutions.
Ten businesses have now joined Succession, committing £1bn of funds under management to its ‘investment matrix' and 75 IFAs to its transformation programme.
"IFAs are facing unprecedented change and the Succession model strikes the right chord with both professional IFA firms and individual advisers, who are looking to expand and develop their businesses, and maximise client portfolios as they prepare for RDR," Chamberlain says.
"We have received hundreds of enquiries, from individuals seeking to capitalise, to businesses looking to expand."
Succession's business plan is to boost firms' trail income by identifying where it can add a trail charge to non-profitable business but still save the client money by switching certain assets onto a platform.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress