Succession Wealth Management To Opt For Restricted Status

Max Skjönsberg

18 April 2012

Succession Advisory Services, the UK-based IFA consolidator, has said that its new wealth management business will offer restricted advice after the Retail Distribution Review comes into force at the start of next year.

The UK regulator’s RDR is expected to force several advisors who are now independent to change their status to restricted, although it is not known how many as yet. The reforms, which are designed to increase advisors’ qualifications and stamp out the use of commission payments, have forced some IFAs to go out of business or sell up, as well as having encouraged network and franchised business models to gain market share.

Succession Wealth Management, which is expected to be formally launched in the next couple of weeks, will offer investment advice and use the Succession platform. When the formation was first announced in December last year it was predicted to go live in the first quarter.

The new business is a collaboration between Succession Advisory Services and five partner firms, all of which will be fully acquired by SWM to create one single firm.

The group has also announced plans to set up a new business for the delivery of protection or mortgage products through Succession Financial Management. A spokesperson has rebutted media reports saying that this entity will have independent status.