Old Mutual Wealth Private Client Advisers today announces it will establish a new Birmingham office with the acquisition of Premier Planning and Premier Wealth (Premier).
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The acquisition will add more than £170m in assets under advice to the Old Mutual Wealth-branded financial planning business, which launched in 2015.
Founded over 30 years ago, Premier has established a strong local presence in the West Midlands. Premier Planning owner and managing director, Richard Usmar, will remain with the business in a consultancy role. He will be assisting with the smooth transition of the business.
Premier Wealth managing director Mark Grainger will join Old Mutual Wealth Private Client Advisers to ensure continuity of service.
The terms of the acquisition mean that Old Mutual Wealth Private Client Advisers will take on all liabilities for past advice, giving the wider financial planning industry re-assurance that the acquired firms do not leave any liability which could in future fall on industry-funded compensation schemes.
When the firm was launched in 2015, Old Mutual Wealth and Intrinsic also announced the acquisition and re-launch of the Financial Adviser School (FAS). From the first cohort of students, three graduates will soon join Old Mutual Wealth Private Client Advisers in different offices around the country having obtained their level 4 Diploma in Financial Planning.
FAS students come from across the industry, with both Old Mutual Wealth Private Client Advisers, Intrinsic advisers, and non-affiliated firms supporting trainee advisers through the process.
Nigel Speirs, managing director, OMW Private Client Advisers, says:
“This is another important milestone for Old Mutual Wealth Private Client Advisers. We now have five regional offices, allowing us to deliver quality face to face financial planning to a growing number of clients across the country.”
Richard Usmar, Premier Planning managing director, says:
“Growing this business and servicing our clients over more than 30 years has been a real joy. I am particularly pleased that I can pass my business over to a well-resourced client focused business. I look forward to working with the team for many years to come, knowing that on a day to day basis my clients are in safe hands with Mark Grainger and his colleagues at Old Mutual Wealth Private Client Advisers.”
For more information contact
Old Mutual Wealth
020 7778 9638
Notes to editors:
Quilter Private Client Advisers is an appointed representative of Intrinsic and part of Quilter plc.
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter oversees £ 109.3 billion in customer investments (as at 31 December 2018).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solution business.
The Quilter businesses are being re-branded to Quilter over a period of approximately two years:
- The Multi-Asset business is now Quilter Investors
- Intrinsic to Quilter Financial Planning
- The private client advisers business is now Quilter Private Client Advisers
- The UK Platform to Quilter Wealth Solutions
- The International business to become Quilter International
- The Heritage life assurance business to Quilter Life Assurance
- Quilter Cheviot will retain its name.
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.