Old Mutual Wealth's (OMW) adviser arm Intrinsic has seen losses increase almost 50% year-on-year in the first six months of 2016, but the investment company still believes in the firm's contribution to its "overall profitability".
Intrinsic lost a total of £13m in H1 2017, £4m more than in the same period of 2016, blaming half of the increases on larger Financial Services Compensation Scheme contributions and half on costs associated with growing the business. Despite the localised losses, OMW said the 3,700-adviser strong network still contributed to the overall profitability of the organisation with its net flows. The restricted channel of Intrinsic, which increased its number of financial planners by 11% to 1,582 in the six months to June, contributed £0.6bn of net inflows into OMW's platform in H1 - £0.2bn ...
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