Financial Services newsletter Friday 31st October 2025

Financial Services News

St James’s Place FUM surpassed £200bn for the first time, reaching £212.39bn (+12% YTD), with Q3 net inflows of £1.8bn (vs £890m in Q3 2024) and YTD retention at 95.2% (up from 94.6%); CEO Mark FitzPatrick cited strong demand and pre-implementation activity ahead of the new charging structure, as the firm moves to scrap most exit charges. (Financial Planning Today, 23/10/2025, 'SJP FUM climbs 12% to top £200bn for first time')
Aberdeen’s advice arm saw £0.5bn net outflows in Q3 to 30 Sept, a 50% YoY improvement (Q3 2024: £1bn), with YTD adviser outflows at £1.4bn (vs £3bn last year). Adviser AUMA stood at £79bn (+£3bn QoQ). Interactive Investor delivered £1.9bn net inflows (Q3 2024: £1.2bn), while the investment arm had £1.8bn net outflows, 49% better YoY (Q3 2024: £3.5bn). Group AUMA/A rose 6% YTD to £542.4bn, and CEO Jason Windsor said adviser flows are on track to turn positive in 2026. (Financial Planning Today, 23/10/2025, 'Outflows continue for Aberdeen Adviser')
Quilter’s core net inflows rose 28% YoY to £2.2bn in Q3, lifting group AUMA/A 7% to £134.8bn, aided by £6.4bn of market tailwinds; YTD core net inflows reached £6.7bn, driven by strong platform demand, with platform net inflows over £2bn in the quarter (vs £1.4bn in Q3 2024), gross and net platform inflows up 19% and 15% YoY, IFA channel gross flows up 35% to £1.3bn, and the high net worth segment delivering £758m gross and £239m net inflows. (Financial Planning Today, 22/10/2025, 'Platform drives 48% rise in net inflows for Quilter')
The FCA has updated its cyber disruption guidance for regulated firms, adding clearer expectations for response, recovery, and third‑party outages after recent AWS and 2024 CrowdStrike incidents. It also reminded firms that operational resilience rules have applied since 31 March. (Financial Planning Today, 22/10/2025, 'FCA urges firms to boost resilience after cyber attacks')
State Pension is set to rise by 4.8% in April under the Triple Lock, which uses September data, outpacing September CPI at 3.8%. ONS held CPI at 3.8% (vs 4% forecast), with food and soft drink inflation easing to 4.5% from 5.1%. Barring intervention from Chancellor Rachel Reeves, the 4.8% uplift will proceed. (Financial Planning Today, 22/10/2025, 'State Pension set to rise 4.8% as CPI remains high')
DB transfer values are down 6% since the start of 2025, with a modest uptick in September; the quarterly average is ~3% below end-June per XPS’s Transfer Value Index. Values have been relatively stable, with month-end figures within a £5,000 band over six months. Transfer activity ticked up in September to an annualised 18 per 1,000 members, though volatility has increased in recent months. (Financial Planning Today, 20/10/2025, Insurance Business, 'Pension transfer values fall 6% in 2025')

Former Aviva CEO David Barral, 63, died after his Aston Martin DBX crashed into a tree on the A58 near Wetherby. Police are investigating and seeking witnesses. His family expressed devastation. Barral, a prominent financial services figure, spent over 15 years at Aviva (1999–2015) in senior roles including CEO, COO, marketing and distribution director. (Financial Planning Today, 16/10/2025, 'Former Aviva CEO David Barral dies in car crash')
Brooks Macdonald posted £49m net outflows in the quarter to 30 Sept (vs £3m prior quarter; £111m YoY). BPS outflows were £157m (11% YoY improvement), while platform MPS net inflows hit £175m (12% annualised). FUMA rose 3% to £19.7bn (FUM £17.3bn); advised-only assets slipped to £2.42bn. (Financial Planning Today, 15/10/2025, 'Net outflows rise in latest quarter at Brooks Macdonald')
L&G will launch an AI-powered customer service platform for workplace savings, retail protection, and annuities, built on Microsoft Dynamics 365 Contact Centre. It will analyse conversations for next-best actions, tools, and sentiment to flag vulnerabilities, aiming to speed responses and personalise support for advisers and customers, with more product lines coming under a multi-year plan. (Financial Planning Today, 15/10/2025, 'L&G to add AI-powered customer service platform')
Fairstone increased revenue/pro forma income 21% to £168m and assets to £20bn (FY2024), sets goal to reach £40bn by 2030; now serving 125k+ clients across 56+ locations with 12 regional hubs in the UK and Ireland. (Financial Planning Today, 14/10/2025, 'Fairstone revenue leaps 21% as client assets hit £20bn')
AJ Bell Investcentre launched an integration with Dynamic Planner to enable bulk client valuations from AJ Bell into Dynamic Planner, including compatibility with its mobile app, Tram, to save admin time. AJ Bell says this streamlines manual tasks “at the touch of a button,” enhancing its advised proposition. (Financial Planning Today, 14/10/2025, 'AJ Bell Investcentre links up with Dynamic Planner')
Nearly 1 in 3 IFAs (30%) are planning or exploring a sale, per an AFH Wealth Management survey of 80 advisers. Drivers include higher costs, regulatory burden, and value realisation. Two-thirds (66%) expect regulation to spur more sales within five years; 40% cite rising costs as a consolidation driver; 81% view consolidation as positive/necessary; only 16% think selling harms clients. Survey conducted by Goodman Lantern. (Financial Planning Today, 13/10/2025, 'A third of advisers want to sell up – survey')
Quilter Financial Planning added eight new AR firms since April: Jupiter Wealth (Northwood, London; principal Geetika Sethi), Redleaf FP (Kent/West Sussex; principals James Hughes, Julian Durand, Jeremy Howard, Perry O’Shea), Roseum FP (Renfrew; principal Michaela Pashley), Singer WM (Keynsham; founder Cassie Singer), Ascent FP (St Asaph; directors Gaynor Lyth, Gwilym Lloyd Jones, John Ridings), Richmond WM (Hebburn; principal Neil Richmond), Mapledurham FP (Reading/Mapledurham; principal John Barry Laverick), Caldwell Financial (Belfast/London; founder Neal Caldwell CFA). (Financial Planning Today, 10/10/2025, 'Quilter Financial Planning network adds 8 new ARs')
The cost of unpreparedness in Financial Services - For Wealth and Asset Management firms in 2025, an estimated 10-20% of sale value is being eroded on deals due to a lack of preparation before sale. Considering selling your firm? Our M&A team can help you boost EBITDA growth and strategically position your firm for sale. Learn more about our unique approach. (IDEX Consulting news, 'The cost of unpreparedness in Financial Services')
The wealth tax uncertainty: impact for wealth managers and their clients - A potential UK wealth tax is sparking widespread discussion to help stabilise the nation's 2.7$ trillion debt. The debate signals urgent proactive planning for wealth managers and clients. (IDEX Consulting news, 'The wealth tax uncertainty: impact for wealth managers and their clients')
Looking for a new financial services career opportunity?- Our recruiters are supporting leading firms across wealth management, pensions, actuarial and employee benefits. Check out our latest vacancies. (IDEX Consulting news, 'Looking for a new financial services career opportunity?')
Keen to understand what your financial services firm might be worth?- Use the free IDEX business calculator to get an accurate valuation that will provide invaluable insights. (IDEX Consulting news, 'Keen to understand what your financial services firm might be worth?')

Mergers and Acquisitions

Schroders sold its 49.4% stake in Schroders Personal Wealth to Lloyds in exchange for Lloyds’ 19.1% stake in Cazenove Capital. SPW becomes wholly owned by Lloyds and will rebrand as Lloyds Wealth. The 2019 JV delivered ~£45m operating profit in H1 2025. A multi-year IM agreement keeps Schroders managing SPW and Scottish Widows assets, and Lloyds will continue referring HNW clients to Cazenove. The deal aims to expand both firms’ wealth propositions in complementary segments. (Financial Planning Today, 9/10/2025, 'Schroders sells share in wealth JV to Lloyds')
Hoxton Wealth acquired Manchester-based Haven IFA (undisclosed), adding ~£140m AUM, expanding its North West presence from Liverpool along the M62; two of Haven’s four advisers will join (two retiring) with the admin team moving over to ensure client continuity, as the firm establishes a strategic Manchester base. (Financial Planning Today, 27/10/2025, 'Hoxton Wealth Acquires £140m AUM Manchester firm')
AFH Wealth Management acquired St Albans firm Avidity Wealth Management (undisclosed), integrating the team immediately and rebranding as AFH Wealth Management St Albans; Avidity brings £750m+ FUM, ~1,800 clients, 11 advisers and 13 staff, strengthening AFH’s South-East presence. (Financial Planning Today, 23/10/2025, 'AFH adds £750m AUM with acquisition of Herts Planner')
MKC Wealth, backed by private equity, acquired four IFAs - Money Flow, Goldcrest Financial Planning, Berg-Davies Associates, and Sherpa Financial Solutions - for undisclosed sums, with principals retiring post-transition. Sherpa (Norwood, founded 2016 by Shaun Stentiford), Berg-Davies (Stowmarket, founded by Roger Davies), Goldcrest (Surrey, founded 2018 by Charles Everingham), and Money Flow (Kingston upon Thames, founded by Roland Askew) will transition clients to MKC before founder retirements; Money Flow’s sale followed a recommendation from a prior seller. (Financial Planning Today, 16/10/2025, 'MKC Wealth acquires quartet of IFA firms')
Titan Wealth will acquire Blacktower (c. £2.2bn AUM), pending regulatory approval, merging it into Titan Wealth International. The combined entity aims to scale globally, enhance discretionary and investment management, and expand client support by pairing Titan’s institutional capabilities with Blacktower’s 40 years of international advisory experience. Price undisclosed. (Financial Planning Today, 13/10/2025, 'Titan Wealth to buy £2.2bn AUM international adviser')
The Finli Group acquired four adviser firms: Catterson Wealth Management, Groundwell, Oaklands Wealth Management, Peter Guy Financial Planning, adding ~£259m AUA. The Milton Keynes-based national firm now tops £5bn AUA and has completed 18 acquisitions year-to-date, strengthening its core regional footprint.(Financial Planning Today, 3/10/2025, 'Finli makes 4 adviser firm acquisitions')
Sovereign Capital Partners acquired a majority stake in Equilibrium, with existing management retaining a significant minority and day-to-day control. Terms undisclosed. Equilibrium keeps its brand, HQ, and relationship-led model; no changes to client relationships, portfolios, fees, or jobs. Sovereign will use Equilibrium as a national buy-and-build platform to scale into new regions. Founder Colin Lawson remains involved. (Financial Planning Today, 1/10/2025, 'Former Shackleton owner buys majority stake in Equilibrium FP')

Movers

Evelyn Partners appointed ex-Edinburgh Rugby star Chris Dean to its Edinburgh team in a business development role while he trains as a financial planner, following the recent hire of ex-pro Alex Tait; Dean will drive opportunities across planning and investment, strengthen key relationships, raise the firm’s profile, and leverages his JP Morgan Athlete Transition Programme experience. (Financial Planning Today, 28/10/2025, 'Evelyn recruits rugby star to Financial Planning team')
WH Ireland’s chair Simon Moore and NED Gary Stran resigned after shareholders rejected the £1m sale of its wealth arm to Oberon Investments at a General Meeting, calling it a vote of “no confidence.” The deal has collapsed, with both board resolutions failing. (Financial Planning Today, 9/10/2025, 'WH Ireland chair quits as wealth arm sale collapses')
In further news...WH Ireland appoints Lumin Wealth co-MD John Cusins as Non-Exec Director to help shape plans after shareholders blocked the £1m sale of its wealth arm to Oberon; Cusins, a chartered accountant and Lumin co-founder now part of VZ Group, holds 1.63% of WH Ireland and will support consultations with principal shareholders. (Financial Planning Today, 27/10/2025, 'Troubled WH Ireland appoints Lumin MD as director')
Evelyn Partners bolsters its London team with two senior hires: Sukaina Karim-Hussein as director, financial planning, formerly at Coutts with a focus on entrepreneurs and female founders, and Hector Millar as associate director, chartered financial planner, previously at London Wall Partners, specialising in City professionals and partners of Magic Circle law firms. (Financial Planning, 23/10/2025, 'Evelyn adds 2 senior Financial Planners')
Amyr Rocha Lima, former CISI Financial Planning Forum chair and UK financial planner, will join the global Financial Planning Standards Board from 1 April. The FPSB, which sets standards for CFP professionals worldwide, also announced Amy Richardson (TCI Wealth Advisors) joining the board, Caroline Dabu beginning a two-year term as chair from April, and Eunice Chan becoming chairperson-elect in 2026. Lima, managing director at Strategic Wealth Partners, remains on the CISI board and co-founded SWP in 2023 with Benchmark Capital’s support. (Financial Planning Today, 22/10/2025, 'Amyr Rocha Lima joins FPSB board')
Nucleus Financial Platforms promoted chief commercial officer Mike Regan to deputy CEO, a new role in which he’ll support CEO Richard Rowney while retaining current duties and helping shape strategy. Regan joined in 2022 as CFO, helped drive the Curtis Banks and Third Financial acquisitions, led commercial wins and proposition investment, and previously held senior finance roles at BGL Insurance, Coutts, and RBS, with earlier stints at PwC, HSBC, UBS, and WestLB. (Financial Planning Today, 21/10/2025, 'Nucleus promotes CCO to be deputy CEO')
Suttons IFA hired Chartered Financial Planner Richard Higgs from Equilibrium FP. The Sale-based firm, which made its third acquisition (Whitewell FP, Bolton) earlier this year, has grown AUM to £300m. Higgs brings 18 years’ experience, is a CII Fellow, and previously spent ~10 years at Equilibrium and earlier roles at BNY Mellon. (Financial Planning Today, 7/10/2025, 'Manchester firm adds Chartered Financial Planner')
Wealth Manager Blevins Franks appointed James Roberts (co-founder, Partners Wealth Management) as CEO, pending regulatory approval. The expat-focused firm (serving UK nationals in Europe) notes Roberts will be only its third leader in 50 years, underscoring continuity and client-centric culture, per chair John Stone. (Financial Planning Today, 6/10/2025, 'New CEO hired for expat specialist Blevins Franks')