Financial Services newsletter Friday 27th June 2025

Financial Services News

Wealth manager Quilter reported a 200% year-on-year rise in Lifestyle Trusts in 2024, driven by upcoming inheritance tax changes affecting pensions from 2027, prompting clients to restructure wealth and seek tax-efficient solutions. (Financial Planning Today, 25/6/2025, 'Lifestyle Trust numbers rise 200% following IHT shake-up'
Manchester-based Pareto Financial Planning reported a 30% rise in new business for the year ending March 2025, fuelled by significant growth in its employee benefits division, which has become a key driver of the firm's expansion. (Financial Planning Today, 25/6/2025, 'Employee benefits drives growth for Pareto FP')
AJ Bell has launched "Touch," a streamlined platform designed to help financial advisers implement investment advice more efficiently. The platform features open banking integration, secure messaging, and digital approval tools, aiming to reduce administrative burdens and bridge the advice gap for clients with lower asset values. (Financial Planning Today, 24/6/2025, 'AJ Bell launches streamlined Touch platform')
The FCA has announced a focus on "proportionate regulation" in its new 5-year strategy, aiming to simplify rules, reduce outdated requirements, and ease the regulatory burden on smaller firms. This includes reviewing unnecessary data collections and streamlining frameworks to better align with firms' business models. (Financial Planning Today, 19/6/2025, 'FCA to focus on 'proportionate' regulation')
Four women CEOs in financial services have been recognised in the King's Birthday Honours List. Debbie Crosbie, CEO of Nationwide, received a damehood; Ruth Handcock, CEO of Octopus Money, was awarded an OBE; Michelle Scrimgeour, former CEO of LGIM, earned a CBE; and Tiina Lee, CEO of Citi UK, also received a CBE for their contributions to the sector. (Financial Planning Today, 16/6/2025, 'Women financial services CEOs awarded King's honours')
A study by Capital Group reveals that 27% of high-net-worth (HNW) millennials prefer seeking investment guidance from social media and "finfluencers" over financial advisers (18%). Despite this, 65% of Gen X and millennial inheritors regret their inheritance decisions, with many wishing they had invested more. The research highlights a growing reliance on non-traditional advice sources and the challenges of succession planning. (Financial Planning Today, 13/6/2025, 'HNW millennials prefer finfluencers to advisers')
Nine Wealth Management, a Welsh Financial Planning firm and St. James's Place partner, has achieved Chartered Firm status from the Chartered Institute for Securities and Investment (CISI). This recognition highlights their commitment to professionalism, integrity, and client care in financial planning. (Financial Planning Today, 12/6/2025, 'Welsh SJP partner firm gains Chartered Firm status')
Tatton Asset Management reported a 28.9% rise in pre-tax profits to £21.6m and a 24% increase in assets under management (AUM) to £21.83bn for the year ending March. The firm also saw a 13.8% growth in IFA firms and a 22% rise in client accounts. CEO Paul Hogarth highlighted strong progress despite market challenges and reaffirmed the goal of reaching £30bn AUM by FY29. (Financial Planning Today, 10/6/2025, 'Tatton profits and AUM climb by a quarter')

Intelliflo has launched two new products: Intelliflo IQ, an AI-driven adviser-client relationship tool, and Intelliflo Video, a video integration service. These tools aim to enhance adviser efficiency, streamline financial planning, and improve client engagement. Intelliflo IQ includes AI-powered assistants for engagement and advice, while Intelliflo Video simplifies financial concepts through educational content. (Financial Planning Today, 10/6/2025, 'Intelliflo launches video and AI-driven advised client products')
Counter-offers - the real truth behind the proposal - Before accepting a counter-offer, professionals should evaluate their reasons for resigning, consider the long-term impact on job satisfaction, compare career development opportunities, and seek impartial advice, as research shows most who accept counter-offers leave within a year due to unresolved issues. (IDEX Consulting news, 'Counter offers - the real truth behind the proposal')
Time for a pay rise? Check your salary with our calculator - Compare your salary against market benchmarks with the IDEX Salary Calculator, designed for professionals in General Insurance and Financial Services. Discover how your earnings stack up against minimum, average, and maximum rates for your role and region, while accessing expert career advice and exploring new job opportunities. (IDEX Consulting news, 'Time for a pay rise? Check your salary with our calculator')
Optimise the interview process to find the best hire - Smart hiring starts with mastering the interview process. Employers can improve outcomes by using structured frameworks, multi-method assessments, and diverse panels to reduce bias. Research shows structured approaches cut costs and improve hiring accuracy, while AI tools and active listening further enhance candidate selection. (IDEX Consulting news, 'Optimise the interview process to find the best hire')
Financial Services M&A: tips from our experts - M&A activity remains strong, with sellers encouraged to act quickly to maximise sale value. Key strategies include planning exits early, ensuring financials are in order, and leveraging expert advice to navigate regulatory changes. The sooner firms can engage an M&A specialist to help them maximise their earn-out, and avoid unnecessary tax charges, the better. (IDEX Consulting news, 'Financial Services M&A: tips from our experts')

Mergers and Acquisitions

Wealth managers are shifting M&A strategies, focusing on cultural alignment and long-term value over rapid cost-cutting. SEI research shows 75% of deals aim for growth and scale, with 77% of firms planning acquisitions in 2025. However, only 32% of firms meet financial targets due to under-resourced integrations. (Momodou Musa Touray, 26/6/2025, Money Marketing, 'Wealth managers rethink strategy amid M&A surge')
Fairstone has achieved its 100th Downstream Buy Out (DBO) milestone by acquiring Halifax-based Richardson Premier Wealth Ltd. This marks a key step in Fairstone's growth strategy, supporting over 60,000 clients and managing £20bn in assets. The DBO model offers firms operational support and phased earn-outs, with average payouts exceeding 120% of sale value. (Momodou Musa Touray, 26/6/2025, Money Marketing, 'Fairstone reaches 100th DBO milestone with Halifax IFA')
Wren Sterling has acquired City Financial, a Scottish financial planner managing £700m in assets under management (AUM), doubling its presence in Scotland and strengthening its national footprint. (Financial Planning Today, 25/6/2025, 'Wren Sterling acquires £700m AUM Scottish Financial Planner')
Manchester-based Chartered Financial Planning firm Suttons Independent Financial Advisors has acquired Bolton-based Whitewell Financial Planning, adding £40m in assets under management. This marks Suttons' third acquisition, enhancing its service offerings and expanding its client base while maintaining Whitewell's founder, Phil O’Connor, as the main client contact. (Financial Planning Today, 23/6/2025, 'Manchester-based Chartered Planner acquires Bolton firm')
Openwork has acquired Milecross, a 100-adviser firm with £750m in assets under management, marking its first acquisition since receiving a £120m investment from Bain Capital. The deal supports Milecross's succession planning while maintaining its management team and strengthening Openwork's adviser network. (Financial Planning Today, 19/6/2025, 'Openwork acquires 100 adviser member firm')
Shackleton, formerly the Skerritts Group, has been acquired by New York-based private equity firm Lee Equity Partners, succeeding Sovereign Capital Partners. Shackleton, managing £7.2bn in assets, aims to leverage this investment to expand its UK footprint and capitalise on industry consolidation. (Financial Planning Today, 17/6/2025, 'Shackleton taken over by New York private equity firm')
Oakglen Wealth, a Jersey-based investment manager, has acquired Homebuyer Financial Services Limited for an undisclosed amount. This acquisition expands Oakglen's services to include comprehensive financial and retirement planning alongside its core wealth management offerings. Homebuyer's leadership will assist during the transition, ensuring continuity for clients. (Financial Planning Today, 10/6/2025, 'Oakglen Wealth acquires Jersey Financial Planning firm')
Loyal North has acquired two South West financial advice firms, Blue House Financial Services and Lewins Investments, adding £80m in client funds. These firms will integrate into Loyal North's regional hub, Milsted Langdon Financial Planning, ensuring continuity of service and a client-first approach. (Financial Planning Today, 10/6/2025, 'Loyal North snaps up two South West firms')
Frenkel Topping, a Salford-based financial adviser, is in talks over a £68m takeover bid from private equity firm Harwood. The offer includes a cash deal of 50p per share or an alternative mix of cash and shares in a new company. Shareholders opting for the latter can retain a final dividend. Harwood has until 30th June to formalise the bid. (Financial Planning Today, 2/6/2025, '£68m private equity bid for Frenkel Topping')

Movers

Former Treasury Director Kirstin Baker has been appointed interim Chair of The Pensions Regulator (TPR), effective from August 1, 2025, for up to nine months, succeeding Sarah Smart and bringing extensive experience from her roles in the civil service and regulatory bodies. (Financial Planning Today, 24/6/2025, 'New interim chair for The Pensions Regulator')
TrinityBridge, formerly Close Brothers Asset Management, has appointed veteran Financial Planner Nigel Stockton as CEO, subject to regulatory approval. Stockton, who previously led Ascot Lloyd for eight years, overseeing 80 acquisitions and significant growth, succeeds Eddie Reynolds, under whose leadership managed assets rose from £16bn to £21bn and the firm rebranded under Oaktree Capital Management. (Financial Planning Today, 24/6/2025, 'TrinityBridge hires veteran Financial Planner as CEO')
Hulya Gunay, formerly with Aegis Financial Planning and St. James’s Place, has joined Hoxton Wealth's UK team, focusing on cross-border financial planning. With experience as an expat and a commitment to achieving Chartered Financial Planner status, she aims to leverage Hoxton's global presence to serve internationally mobile clients. (Financial Planning Today, 19/6/2025, 'Former Aegis and SJP adviser joins Hoxton Wealth')
Network ValidPath has appointed Roger Perry, formerly of Defaqto, to lead the expansion of its IFA proposition. With 20 years of experience driving the success of adviser software at Defaqto, Perry will focus on enhancing member services, developing provider relationships, and advancing technology and AI solutions to support IFAs. (Financial Planning Today, 19/6/2025, 'Validpath hires Defaqto’s Perry to spearhead growth')
Ian Pickford, a Chartered Financial Planner and former CEO of Forvis Mazars Financial Planning, has been appointed as an independent Non-Executive Director at Fintel. With over 35 years of experience, he will focus on strategic development and chair the remuneration and nomination committees. (Financial Planning Today, 17/6/2025, 'Chartered Financial Planner becomes Fintel director')
Brooks Macdonald has appointed former England rugby player Josh Lewsey as Group Strategy and Corporate Development Officer. With over 20 years in financial services, Lewsey brings experience from roles in private equity and Ernst & Young. He joins the executive team to align strategic goals with operational execution. (Financial Planning Today, 13/6/2025, 'Brooks adds ex-rugby pro to exec team')
Stuart Coombe, a rural specialist Financial Planner at Old Mill, has been promoted to Partner. Joining in 2008, Coombe has developed expertise in advising rural businesses and individuals. He plans to mentor upcoming advisers while continuing to serve his clients. (Financial Planning Today, 11/6/2025, 'Old Mill promotes rural specialist Planner to partner')
First Wealth has appointed Jess Biggs, formerly of Evelyn Partners, to lead its new sports and entertainment division. With extensive experience supporting elite clients in sports and entertainment, and a background in competitive sports, Biggs will provide tailored financial advice for clients with unique career challenges. (Financial Planning Today, 11/6/2025, 'Chartered Planner to launch sports and entertainment arm')
Sarah Pritchard has been promoted to Deputy CEO of the FCA, a newly created role reflecting the regulator's expanding remit. Joining the FCA in 2021, Pritchard previously led its supervision, policy, and competition functions and has extensive experience in financial crime compliance, including roles at HSBC and the National Economic Crime Centre. (Financial Planning Today, 10/6/2025, 'Sarah Pritchard appointed deputy CEO of FCA')
Andrew McGlone, CEO of Quilter Cheviot, will step down later this year after 31 years with the firm. Starting as a trainee, McGlone rose through the ranks to become CEO in 2019. He will be succeeded by John Goddard, a 29-year HSBC veteran, in September. (Financial Planning Today, 10/6/2025, 'Quilter Cheviot CEO to step down')
Chris Pond, former Work and Pensions Minister, has been appointed Chair of the FCA's Financial Services Consumer Panel, succeeding Helen Charlton. With extensive experience in consumer and social justice issues, Pond aims to balance consumer protection with economic growth. (Financial Planning Today, 2/6/2025, 'New chair of FCA Financial Services Consumer Panel')