UK-based advisory giant Sesame has confirmed that Instrinsic is its preferred network partner for investment advisers who decide to leave the network.
This news comes after Sesame recently announced it was closing its network and winding down its Financial Adviser School in a bid to return the Sesame Bankhall Group (SBG) to profit.
Letters were sent out to appointed representatives for the network’s wealth firms at the end of March giving them three options: to become directly authorised with its sister company Bankhall, move to the group’s network partner, or leave SBG altogether.
Members will receive three months contractual notice on 30 April. Intrinsic, which is owned by Old Mutual, will accept applications before 31 July.
Sesame’s managing director Stephen Gazard said those advisers who decide to take one of its “preferred routes” would be entitled to a benefits package. Likely benefits include no interruption to income, and Sesame would also cover firm’s regulatory fees and Financial Services Compensation Scheme levy.
Advisers will be vetted and appointed through Intrinsic’s usual recruitment process.
“Significant opportunity”
“Advisers will want to know whether Intrinsic is the right option for their business,” said Richard Freeman, chief executive of Intrinsic, in a statement. “All Networks are not the same. We run a hugely successful business that can reduce risk, deliver genuine customer value, and support advisers to grow their business and deliver outstanding service for their clients.
“We are looking forward to talking to the Sesame appointed representatives and demonstrating the strength of our offer in May.
“Equally, we are looking for professional advisers that share our passion for great client outcomes and we will conduct our recruitment discussions on that basis.
“We see this as a significant opportunity to recruit high quality financial planners into our business, which is a key element of our growth strategy.”
“Committed”
John Cowan, executive chairman of Sesame Bankhall Group, said: “As we move forward we want to ensure that we assist all our wealth advisers make the right choice for their business.
“We are pleased to have agreed transitional arrangements with Intrinsic. For advisers choosing this route, we are committed to continuing to work closely with Intrinsic in the coming months to make the transition as smooth as possible for their business and their customers.”
