Financial Services newsletter Friday 29th August 2025

Financial Services News

Following Ascot Lloyd's acquisition of Whitechurch Securities, the Pulse online investment platform will close, with Marlborough taking over management of £125m in former Whitechurch assets previously handled by its DFM team for third-party adviser clients. (27/8/2025, Financial Planning Today, 'Whitechurch to close Pulse platform after takeover')
The State Pension could rise by over £550 to exceed £12,500 annually next year due to the triple lock, driven by 4.6% earnings growth, potentially pushing some pensioners into income tax brackets amid a threshold freeze, warns Broadstone. (22/8/2025, Financial Planning Today, 'State Pension could climb by more than £550')
Chancellor Rachel Reeves is reportedly considering reducing the tax-free pension commencement lump sum to £40,000 from the current 25% limit of £268,000, potentially saving the Treasury over £2bn annually, though the Treasury has downplayed the likelihood, sparking concern among pension experts. (22/8/2025, Financial Planning Today, 'Reeves reportedly looking at cutting tax-free pension sum')
Adviser platforms reported their strongest quarterly net sales in three years, with Quilter leading net flows at £1,949m, followed by Aviva (£1,242m), Transact (£1,219m), and 7IM entering the top 5 for the first time with £549m; AJ Bell took the top spot for all-channel net sales with strong D2C sales, while Quilter also led adviser platform gross flows at £3,659m, followed by Nucleus (£2,737m) and Transact (£2,480m), according to Fundscape. (21/8/2025, Financial Planning Today, 'Adviser platforms report highest sales in 3 years')
K3 Capital Group has launched a financial services division, anchored by investments in Pareto Financial Planning and Luna Investment Management, marking a significant milestone for the Bolton-based advisory platform, though the investment sizes remain undisclosed. (20/8/2025, Financial Planning Today, 'K3 takes stakes in 2 advisers as it launches new division')
Titan Wealth's losses rose to £44.8m in March 2024, up from £27m, due to acquisition-related costs, while turnover grew to £77.4m. Its Financial Planning division, including Titan Financial Planning, Telford Mann, and Prism, saw revenue drop to £602,000, though advisory revenue grew to £1.1m after merging with Titan Private Wealth. (15/8/2025, Financial Planning Today, 'Titan Wealth losses climb to £45m')

Aviva’s wealth division saw net flows rise 16% year-on-year to £5.8bn in H1, despite a Q1 dip due to a large workplace scheme outflow. Assets under management grew 6% to £209bn by June, with strong growth supporting its £280m operating profit target by 2027. (14/8/2025, Financial Planning Today, 'Aviva wealth division net flows up 16% in H1')
Utmost Wealth Solutions reported £2bn net inflows in H1 2025, ending a two-year streak of negative flows. Strong UK results, following its Lombard International acquisition, drove the turnaround. Inflows of £5.3bn more than doubled H1 2024’s £2.6bn, while gross outflows fell to £3.3bn. Assets under administration stood at £17.1bn in June. (13/8/2025, Financial Planning Today, 'Net flows finally turn positive for Utmost')
Frenkel Topping, a Salford-based financial adviser in talks over a £68m takeover by Harwood, grew funds under management to £1.63bn in H1 2025, up from £1.46bn. The firm expanded its Major Trauma Support Partnership to 12 NHS Major Trauma Centres, adding Royal Stoke University Hospital. Growth was also driven by increased Medico-Legal expert witness engagements and improved performance in its costs segment. (11/8/2025, Financial Planning Today, 'Frenkel Topping FUM up to £1.6bn as takeover talks continue')
PensionBee reported strong pension contributions in H1 2025, maintaining 2024's record momentum, though average quarterly contributions per saver fell 3% to £1,624 from £1,677 in H1 2024. The decline reflects a market settling after 2024's high contributions driven by the increased annual allowance. Despite this, savers remain committed amid economic uncertainty. However, a 27% gender gap persists, with men contributing £1,845 per quarter on average, compared to £1,347 for women. (11/8/2025, Financial Planning Today, 'Pensions saving remains strong despite persistent gender gap')
Royal London reported an £8bn increase in AUM to £181bn in H1 2025, with pre-tax operating profit rising 15% to £166m. Its governed range saw £1.6bn in net inflows, boosting AUM to £75bn. The firm also reported 469,000 customers registered on its 'My Royal London' portal. (11/8/2025, Financial Planning Today, 'Royal London AUM climb £8bn to £181bn')
Nearly half (49%) of UK households with a net worth over £500,000 manage their money without a Financial Planner, according to Timeline research. Of these, 38% are “working on a plan,” while 12% have no plan at all. Many only seek advice during key life events, such as retirement drawdown (43%), inheritance planning (42%), or sudden windfalls (38%). (11/8/2025, Financial Planning Today, '49% of HNW individuals do not use a financial adviser')
M&A financial services market analysis: new opportunities for IFAs - Private equity interest and consolidation is driving the M&A market, creating new opportunities for businesses. James Salmon, financial services M&A expert provides a detailed market analysis, including factors shaping growth and how firms can maximise their sale value and attract committed buyers. (IDEX Consulting news, 'M&A financial services market analysis: new opportunities for IFAs')
Need to hire specialist change management professionals? IDEX have a new solution - Combining WPR's expertise in contract and permanent change management recruitment and IDEX's global reach, clients across finance change, insurance change and technology change will be supported with their most complex transformation initiatives. (IDEX Consulting news, 'Need to hire specialist change management professionals? IDEX have a new solution')
Smart hiring: How employers can master the interview process - Research shows that employers aren’t maxmising interview opportunities. This article provides key advice and practical strategies to help employers comprehensively assess a professional's suitability for a role. Structured, behavioural interview frameworks with job-specific simulations and cognitive assessments remain key. (IDEX Consulting news, 'Smart hiring: How employers can master the interview process')
Biggest challenges facing Financial Advisers - Financial advisers continue to face challenging economic pressures, and growing regulatory changes, as well as rising client expectations. Many are also contending with market uncertainty and the potential risks of AI in financial advising. Despite these challenges, many opportunities exist – IDEX Consulting shares what financial advisers should know and the action they should take now. (IDEX Consulting news, 'Biggest challenges facing Financial Advisers')

Mergers and Acquisitions

US investment firm Carlyle acquires cloud-based adviser fintech provider Intelliflo, including its US subsidiaries, in a deal worth up to $200m, with the senior leadership team remaining unchanged and subsidiaries forming a standalone business called RedBlack. (26/8/2025, Financial Planning Today, 'Intelliflo acquired by US investment firm for £148m')
Aberdeen has agreed to sell Aberdeen Financial Planning, with 150 UK-based advisers, to Ascot Lloyd for an undisclosed sum, while retaining its private client services team; the business, formerly 1825, was established in 2015 by Standard Life and renamed in 2021. (20/8/2025, Financial Planning Today, 'Ascot Lloyd to acquire Aberdeen Financial Planning')
Absolute Financial Group, a new IFA consolidator backed by £115m from Inflexion Private Equity, launched today with its first acquisition: Absolute Financial Management, a £1.1bn AUA firm based in Ashford, Kent. Led by CEO David Carter and chaired by Paul Hogarth, the firm aims to unify advisory businesses under a single national brand, pending FCA approval. (12/8/2025, Financial Planning Today, 'New IFA consolidator Absolute acquires £1.1bn AUA firm')
Octopus Money has agreed to acquire Virgin Money’s investment business, adding 150,000 customers and accelerating its growth in the direct-to-customer wealth market. Following FCA approval, the business will rebrand under Octopus Money, with existing teams continuing to support customers. (6/8/2025, Financial Planning Today, 'Octopus Money buys Virgin Money’s investment business')
Perspective Financial Group has completed five acquisitions, adding £310m in assets under advice, 825 client households, and a new office in Crewe, Cheshire. The deals bring Perspective’s total acquisitions to 121 since 2008, including 29 in 2024 and 14 so far in 2025. The acquired firms are Lifestyle Financial Services (St Helen’s), Sirius Money Management (Isle of Wight), Sapient Wealth Management (Warwickshire), Bayham Wealth LLP (Kent), and Mat White Financial Services (Crewe). Mat White cited succession planning and client continuity as key reasons for the sale after 34 years in the profession. (5/8/2025, Financial Planning Today, 'Perspective boosts AUA by £310m with 5 acquisitions')
Advies Private Clients, backed by Saltus, has acquired Financial Planner Nicholas Trayford, adding £100m in client assets and 100 clients. Partner James Wills highlighted the shared values and client-first approach between the firms. Trayford, a Chartered Insurance Institute member, brings over 20 years of experience, including roles at Millfield Partnership, Quilter Financial Planning, and True Potential. (5/8/2025, Financial Planning Today, 'Saltus-backed Advies acquires £100m AUA Nicholas Trayford')
Hoxton Wealth has acquired Infinity Financial Solutions, an expat financial services provider with offices in Asia, for an undisclosed sum. The deal adds $300m (£225m) in assets, boosting Hoxton’s total AUM to $3.3bn (£2.5bn). Founded in 2004, Infinity offers internationally-mobile advice on investments, pensions, and insurance, alongside corporate services like employee benefits and risk management. (4/8/2025, Financial Planning Today, 'Hoxton Wealth acquires £225m AUM expat specialist firm')

Movers

LGT Wealth Management appoints Kirsty Thomson, formerly of RBC Brewin Dolphin, as a Wealth Planner in Edinburgh to address rising demand for wealth planning, leveraging her expertise in high-net-worth retirement and wealth transfer planning, with a background as a tax-specialist Solicitor and experience at PwC and Turan Connell. (27/8/2025, Financial Planning Today, 'LGT adds Scots tax specialist as demand rises')
The Personal Finance Society has appointed Guy Skinner, Director and IFA at London’s Citygate Financial Planning, and Rosa Nash, Chartered Financial Planner at Trowbridge-based Montgomery Charles Wealth Management, to its PFS Power Financial Planning Practitioner Panel. Skinner, who founded Citygate in 2015, focuses on Financial Planning for lawyers, business owners, and employee benefits, while Nash, a Fellow of the CII, specialises in lifestyle Financial Planning for dentists and high-net-worth individuals. (19/8/2025, Financial Planning Today, 'Two Planners join PFS Power Financial Planning panel')
Welsh Chartered Financial Planner Kevin Thomas has joined Plymouth-based national advice firm Continuum, owned by M&G. With over 35 years of experience, including roles at Abbey Life, Friends Provident, and Mather and Murray, Thomas specialises in wealth creation, investment, estate planning, pensions, and tax planning. Based in Burry Port, he is also a member of the Society of Trust and Estate Practitioners. (19/8/2025, Financial Planning Today, 'Veteran Welsh Chartered Planner joins Continuum')
Stockton-on-Tees-based Active Chartered Financial Planners has recruited Chartered Financial Planner Craig Honeyman and Chartered Paraplanner Lauren Lee as it marks its 25th anniversary. Honeyman, with over 20 years of experience, began his career at Bob Little and Co. in 2004 and achieved Chartered status in 2022. Lee, who started in financial services in 2011, specialises in compliance and operational support, achieving Chartered status in 2021 and becoming a Fellow of the CII in 2022. (19/8/2025, Financial Planning Today, 'Active Chartered FP adds two Planners on 25th anniversary')
Rosemount Financial Solutions (IFA) added 10 new advisers between April and June, bringing its total to over 150. The Basingstoke-based network reported record financial performance, with first-quarter revenues up by more than a third compared to 2024. The new advisers include Fiyin Makinde (Arvifin Solutions), James Armitage (Lenderhive), Naveed Khan (Roxton Wealth), Varun Maini (V&R Financial), Sally Mitchell (Versed Financial), Daniel Skelton (Wealth Guide), Philip Wildin and KellyAnn El-Shawk (Wildin & Co), and Mark Francis and Darryl Workman (WR Ethical). (18/8/2025, Financial Planning Today, 'Rosemount adds 10 new advisers in 3 months')
Rob Barker will become CEO of The Openwork Partnership, a 4,800-adviser network, in September, succeeding interim CEO Philip Howell, who returns as Executive Chairman. Barker, formerly Head of Insurance, Wealth, and Asset Management EMEA at Alvarez & Marsal, previously held senior roles at Aviva, including CEO of Wealth and CEO of Protection and Health. (13/8/2025, Financial Planning Today, 'New CEO for Openwork Partnership')
Trevor Edwards, the CII’s Group Finance Director, has left the Personal Finance Society board after less than a year, becoming the fifth director to depart in 2025. Appointed in September 2024, the PFS praised his "exceptional contribution" during his tenure. (12/8/2025, Financial Planning Today, 'Fifth director resigns from PFS board this year')
Ascot Lloyd has appointed Eden Scrivenger as Chief Technology and Operations Officer, combining technology, client services, and operations to drive digital transformation and enhance service delivery. Previously, she held leadership roles as CTOO at Wealthtime and CTO at Investec Wealth & Investment UK, bringing over 20 years of experience in financial services. (Momodou Musa Touray, 12/8/2025, Money Marketing, 'Ascot Lloyd hires former Wealthtime executive to new leadership role')
Scottish Widows has appointed Jenny Davidson as Intermediary Wealth Director. With over 30 years of experience, including roles at Quilter, Aberdeen, and Standard Life, Davidson brings expertise in platform strategies, wealth technology, and investment solutions. She will focus on expanding Scottish Widows' wealth capabilities in the intermediary market.(Dan Cooper, 12/8/2025, Money Marketing, 'Scottish Widows appoints Quilter’s Jenny Davidson as intermediary wealth director')
Peter Martin, former CEO of Odey Asset Management, has joined Oberon Investments Group, which plans to launch a new Global Equities fund leveraging his expertise. He is joined by ex-Odey colleague Jake Bambridge as Funds Operations Manager. Martin brings over 40 years of investment management experience, while Bambridge previously managed operations for a £650m HNW private client business at Odey. Oberon also recently hired small-cap fund manager Richard Penny from Crux Asset Management. (11/8/2025, Financial Planning Today, 'Former Odey CEO joins wealth planner Oberon')
Progeny Group has restructured its board as Founder Neil Moles steps down from his roles as Group President and Non-Executive Director. Andrea Hodgson and David Baker have joined as Non-Executive Directors to bolster leadership. Hodgson brings 25 years of banking and financial services experience, including roles at SilverRock Bank and GB Bank. Baker, an economist, has held senior risk and compliance positions, including at AXA UK and the Financial Services Authority. (7/8/2025, Financial Planning Today, 'Progeny adds 2 new directors as founder steps back')
Continuum, owned by M&G, has recruited three advisers from Fleming Financial, recently acquired by Shackleton. Jim Low, Nick Foley, and Virgil Higglesden bring over 60 years of combined experience. Low, an IFA with 25+ years in financial services, will serve clients in Devon and Cornwall. Foley, a Chartered Financial Planner and PFS fellow, joins in Bristol with 16+ years of experience. Higglesden, also a Chartered Financial Planner, will serve clients in Exeter and Devon, bringing 25+ years of expertise. (5/8/2025, Financial Planning Today, 'Continuum adds Planners from private equity-owned Shackleton')
Barnett Waddingham has appointed Nick Cooper as CEO of BW SIPP, succeeding Simon Foster, who will retire later this year. The firm highlighted the leadership transition as part of its strategy for market growth. Cooper, with over 30 years of experience in the SIPP and Master Trust markets, has been instrumental in BW’s transformation, including the development of the SIPP360 platform. His previous roles include senior positions at Aviva, Zurich, Clerical Medical, and Embark Group, where he developed retirement propositions and strategic partnerships. (5/8/2025, Financial Planning Today, 'Barnett Waddingham picks new CEO for BW SIPP')
Seccl, the Octopus-owned white label platform, has appointed Jonathan Dees as its new UK CEO, pending regulatory approval. Dees, who has been interim MD since June, will succeed David Ferguson, now Executive Chairman focusing on Seccl’s vision and growth. Dees brings extensive experience, including six years as COO at Octopus Investments and senior roles at Zoopla and TripAdvisor. (5/8/2025, Financial Planning Today, 'Seccl appoints new CEO to replace David Ferguson')