Nucleus will continue to allow advisers to become shareholders and aims to have introduced an investment process by the end of the year.
The algorithm which formed the basis of ownership allocation, linking an adviser's stake to the amount held on the platform, was frozen in December following the introduction of regulatory requirements related to adviser charging.
Advisers will still be able to become shareholders in Nucleus in future but the size of the shareholding will no longer be related to the amount held on platform.
Nucleus chief executive David Ferguson said: "The NIFAC business model had always been to receive subscriptions from new firms in return for a shareholding in NIFAC and 'access' to the exit algorithm. Given the termination of the algorithm the directors of NIFAC considered that this model was no longer sustainable and that NIFAC should not accept further subscriptions. This has meant that there are a large number of Nucleus users who have signed up to use the platform and who intend to become shareholders but have been unable to do so due to a lack of a relevant mechanism.
"We expect to rectify this soon with a new arrangement which will continue to promote the benefits of adviser ownership but which will not offer any link between client revenues and any future exit value."
The firm's latest results revealed that elements of the ownership structure were placed under review in light of the regulator's stance on adviser charging rules concerning potential conflicts of interest.
The platform's primary shareholder is Nucleus IFA, accounting for a 51% stake. This special purpose vehicle is wholly owned by the number of firms which use the platform.
At the present time, firms cannot become shareholders in the business as Nucleus reviews this shareholder agreement mechanism. Existing shareholders and their stake in the business are unaffected.
Nucleus business development director Barry Neilson said: "We do not anticipate the ownership of Nucleus will change. The structure under which advisers become shareholders in Nucleus will change as a result of the regulatory requirements but it does not affect the overall ownership of Nucleus.
"We are looking at launching a slightly different shareholder requirement that will become available towards the end of the year."
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