Bellpenny: there will be a 'second shake out' of advisers

Following a rash of adviser firm sales in the run up to the Retail Distribution Review (RDR), which contributed to a drop in adviser numbers of 25% between December 2011 and end of January 2013, the consolidator - which set up in October 2012 - hopes to benefit from a second wave of advisers leaving the market over the next 18 months. It currently has £500m funds under management and aims to double this by the end of the year. Chief executive Kevin Ronaldson said: "In my view we came into the market at the right time. A lot of businesses were selling before RDR when there was uncertai...