The scheme will connect firms seeking to sell their business with firms that wish to expand through acquisition.
It is open to both independent and restricted ARs and partners at Intrinsic and Positive Solutions. Buyers must have been ARs with Intrinsic for at least three continuous years, whilst sellers must have been part of Intrinsic or Positive Solutions for at least five years.
Old Mutual Wealth completed the acquisition of 3,000-adviser Intrinsic in July 2014, almost a year after Intrinsic bought national IFA Positive Solutions from provider Aegon.
Intrinsic chief executive Richard Freeman said: “This is another example of our commitment to helping financial advisers grow their businesses and realise value from that business when the time is right.
“The practice buyout initiative will allow owners of successful financial planning firms to sell their business while crucially ensuring their clients continue to receive a high quality of service from an adviser within the Intrinsic network.”
Intrinsic distribution director Andy Thompson added: “We know that for many advisers nearing the end of their career, securing an appropriate exit strategy that ensures their clients are well looked after is an important priority.
“Our practice buyout scheme represents an opportunity to agree a sale with another member of the Intrinsic network that is looking to grow their business through acquisition. These buyers will have the opportunity to benefit from highly competitive loan terms not available on the open market.”
Intrinsic Financial Services was launched in March 2006. In February 2008, it acquired Mint Financial Services, the national IFA network based in Chesterfield.
Old Mutual Wealth, part of Old Mutual, has a three-pronged offering: financial advice via Intrinsic and IFAs; an investment platform; and asset management services through Old Mutual Global Investors. As at 30 September 2014, it oversaw more than £82bn of client assets.
