Financial Services newsletter Friday 4th April 2025

Financial Services News

Evelyn Partners reported a 12% rise in profits for 2024, with adjusted EBITDA reaching £174.3m, despite a 68% drop in net inflows to £1.3bn. Gross inflows rose to £8bn, while assets under management increased 7% to £63bn, boosted by £2.6bn in market gains. Operating income grew 6.4% to £497.4m. CEO Paul Geddes stated that, despite geopolitical uncertainty, 2024 was a strong year for the wealth manager. (Financial Planning Today, 27/3/2025, 'Profits rise for Evelyn despite 68% drop in net inflows')
Schroders reported a five-fold increase in profits from its wealth management joint ventures in 2024, reaching £21.3m in profit after tax, with Schroders’ share at £10.5m. This is up from £4.1m in 2023. The firm’s wealth management associates saw net inflows of £0.4bn, bringing assets to £15.7bn by the end of 2024. (Financial Planning Today, 6/3/2025, 'Profits rise five-fold for Schroders' wealth businesses')
Wealthtime has rebranded as The Quanta Group following its acquisition of Craven Street Wealth. Backed by Anacap, it will maintain operational independence across its key units: Craven Street Wealth, Wealthtime, and Copia Capital. The group has also secured a 10-year technology partnership with Wipro and GBST. (Financial Planning Today, 1/4/2025, 'Wealthtime rebrands as Quanta Group')
Brooks Macdonald has completed its move from AIM to the London Stock Exchange main market, aiming to enhance its profile and attract more investors. Shares were admitted on 28 March, with an issued share capital of 16,382,539 ordinary shares. As of 31 March, its share price was 1,520p, valuing the company at £249m. (Financial Planning Today, 31/3/2025, 'Brooks Macdonald admitted to LSE main market')
Demand for IHT planning has surged since the October Budget, with 94% of Financial Planners reporting increased enquiries, according to a Downing survey. Advisers expect this trend to continue, with 91% predicting further growth over the next year. Currently, 61% say IHT advice makes up at least a fifth of their business, a figure expected to rise to 85% within three years. From April 2027, unused pensions will be subject to IHT, with the OBR forecasting nearly 10% of estates paying IHT by 2030. (Financial Planning Today, 27/3/2025, '90% of Planners report jump in IHT advice demand')
VouchedFor has introduced a feature allowing users to search for financial advisers by gender, responding to data that shows many clients prefer female advisers. Women make up just 16% of financial advisers nationally, while 26% of those on VouchedFor are female. Hattie Spurrell, Director of Adviser Success, noted that female clients tend to rate female advisers higher than male ones. (Financial Planning Today, 26/3/2025, 'VouchedFor adds adviser gender search feature')
The FCA has launched a five-year strategy aimed at building trust in financial services, supporting growth, and improving lives. CEO Nikhil Rathi stated the strategy will create a fair and thriving market for consumers and the economy. Key priorities include becoming a smarter regulator, supporting economic growth through investment and innovation, helping consumers navigate financial decisions, and fighting financial crime by disrupting criminals and strengthening firm defenses. (Financial Planning Today, 25/3/2025, 'FCA launches new 5-year strategy to improve trust')

Phoenix is developing a retirement advice service through its Standard Life brand, though the launch date is not yet confirmed. The service will focus on supporting customers with financial decisions during the transition to and in-retirement stages, as outlined in Phoenix’s recent annual results. (Financial Planning Today, 24/3/2025, 'Phoenix plans to launch pension advice service')
Quilter Cheviot has launched a new client app and portal, replacing legacy versions with a modern interface and improved usability. The new tools feature biometric login for added security and a personalised feed of news and events. A version for financial advisers is also planned, offering streamlined access to client investment details. (Financial Planning Today, 21/3/2025, 'Quilter Cheviot adds new client app')
Fintel, owner of SimplyBiz and Defaqto, reported a 6.3% increase in statutory profits to £15.3m for 2024, with core revenue rising 21.9% to £68.9m. Despite this, pre-tax profits fell from £9.6m in 2023 to £7.7m. The company expanded by acquiring four businesses in 2024, including RSMR, for £16.6m, which contributed £7.5m in core revenues. (Financial Planning Today, 18/3/2025, 'Fintel statutory profits climb 6.3% to £15.3m')
HSQ has provided a £4.8m debt facility to support its struggling Financial Planning business, Kingswood, amid concerns over its £91m debt. HSQ, now controlling nearly 90% of Kingswood, also acquired shares from two departing directors. The loan carries a 12% interest rate and is due by October 2030 or upon exit. (Financial Planning Today, 17/3/2025, 'Private equity owner pumps in £5m at troubled Kingswood')
A survey by Charles Russell Speechlys found 23% of Gen Z would seek financial advice, compared to just 6% of Millennials. Gen Z was also more likely to discuss inheritance, with 81% having done so. Many plan to use inheritance for savings, property, or a house deposit. (Financial Planning Today, 14/3/2025, '1 in 4 Gen Z adults turning to advice')
Abrdn has officially rebranded to Aberdeen Group plc, adopting an all-lowercase name. CEO Jason Windsor confirmed that subsidiary names and the LSE ticker (ABDN) will remain unchanged, with "Aberdeen" now serving as the main identity for its investment and adviser businesses. (Financial Planning Today, 13/3/2025, 'Vowels officially return to aberdeen')
Close Brothers Asset Management has rebranded as TrinityBridge after being sold to Oaktree Capital Management for £200m earlier this year. The new wealth manager plans to invest heavily in technology and chose the name TrinityBridge to reflect enduring relationships between clients, investment managers, and advisers. (Financial Planning Today, 7/3/2025, 'CBAM renamed TrinityBridge as it becomes a standalone')
Financial Planning firm Shackleton, formerly Skerritts Group, has implemented VouchedFor’s Elevation system, which provides advisers with data to measure and evidence outcomes via dashboards. The system also offers industry benchmarks to help meet the FCA’s Consumer Duty and identifies potential revenue opportunities, claiming an average of £2,000 per client through referrals and cross-selling. Elevation gathers feedback from over 10,000 UK advisers. (Financial Planning Today, 7/3/2025, 'Shackleton invests in client feedback data system')
A report from Handelsbanken Wealth & Asset Management reveals women in the UK hold an average of £177,000 in assets, compared to £218,000 for men. Men are also more likely to manage long-term financial products. The report attributes the gap to a lack of financial education, with 64% of women having little investment knowledge, compared to 43% of men. (Financial Planning Today, 6/3/2025, 'No sign of gender wealth gap closing – report')
Phoenix Group has appointed Wipro as a strategic partner under a Business Process Outsourcing (BPO) agreement. Wipro will manage ALPHA, the platform used by ReAssure, and related life and pension administration services. The move aims to accelerate the ReAssure Transformation programme, with Wipro investing in the platform to enhance customer experience. (Tom Browne, 26/3/2025, Money Marketing, 'Phoenix Group appoints Wipro as partner for ReAssure platform')
7IM reported record growth in Q4 2024, with gross inflows surpassing £1bn for the first time, up 104% year-on-year. This follows significant investment in its proprietary technology as part of a multi-year programme to strengthen its position in wealth management. Net flows also saw a 114% increase year-on-year, rising to £426.5m, the third highest ever reported by the firm. (Momodou Musa Touray, 21/3/2025, Money Marketing, '7IM reports platform assets gross inflows exceed £1bn')
M&G aims to boost its operating profit by 5% annually over the next three years and generate £2.7bn in operating capital by 2027. It also raised its cost savings target to £230m by 2025. While operating profit rose 5% to £837m, the company reported a loss after tax of £347m, compared to a £309m profit last year. (Lois Vallely, 19/3/2025, Money Marketing, 'M&G vows to boost operating profits by 5% per year')
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')
2025 Employee Benefit talent trends - The employee benefits sector faces challenges like talent shortages and salary misalignment. In-demand roles include flexible benefits and healthcare consultants. To attract talent, employers must focus on strengthening their employer branding, and promoting their unique differentiators. Employees should enhance their personal brand, network, and clearly communicate their value and expertise to advance in their careers. (IDEX Consulting news, '2025 Employee Benefit talent trends')
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 professionals 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

Evelyn Partners has sold its professional services arm to Apax-advised funds, creating two standalone businesses: Evelyn Partners (wealth management) and S&W (professional services). S&W revives the Smith & Williamson name from the 2020 Tilney merger. Andrew Wilkes becomes S&W’s CEO, with Andrew Baddeley as CFO, while Scott Kirk remains interim CFO at Evelyn Partners. Both firms will maintain a commercial relationship. (Financial Planning Today, 31/3/2025, 'Evelyn focuses on wealth after selling S&W')
The £200m sale of Close Brothers Asset Management (CBAM) to Oaktree Capital Management has been completed, with Oaktree planning to create an independent wealth manager under a new name. The deal, first announced last September, has received regulatory approval. Oaktree aims to support CBAM as an agile, standalone business, though it will continue trading as CBAM for now, with a rebrand to follow. (Financial Planning Today, 3/3/2025, 'Oaktree to turn £200m CBAM into 'leading' wealth manager')
Titan Wealth has acquired Workplace Advice Group, adding £200m in workplace pensions to its £36bn AUM. The deal strengthens Titan Wealth Planning’s corporate benefits offering as the firm expands in this market. (Financial Planning Today, 2/4/2025, 'Titan Wealth expands workplace business with acquisition')
Quanta Group, backed by Anacap, is acquiring Craven Street Wealth to expand beyond platforms and DFM. The deal, part of Quanta’s long-term strategy, will support Craven Street’s growth through acquisitions and organic expansion. (Financial Planning Today, 28/3/2025, 'Wealthtime owner buys Craven Street Wealth')
Investment Manager Marlborough has acquired a 20% stake in Chartered Financial Planning firm First Wealth, providing funds for growth while maintaining its independent B Corp status. The investment will support tech upgrades, client events, lower-cost solutions, debt repayment, and team expansion, with acquisitions also planned. (Financial Planning Today, 27/3/2025, 'Marlborough takes 20% stake in London Chartered Planner')
Financial Planning firm Shackleton has acquired PK Financial Planning, adding £200m in assets and expanding its corporate and HNW client base. The deal, Shackleton’s 17th since 2021, includes PK Employee Benefits and PK Wealth, with the full team joining Shackleton. (Financial Planning Today, 27/3/2025, 'Shackleton acquires £200m AUM London Planner')
AJ Bell is selling its Platinum SIPP and SSAS business to InvestAcc for £25m, adding £3.2bn AUA and 3,600 clients. The deal, expected to complete in H2 2025, includes £18.5m upfront and £6.5m deferred. (Financial Planning Today, 27/3/2025, 'AJ Bell sells non-platform HNW SIPP business')
HSQ has confirmed its offer to buy the remaining 10% of Kingswood for 7p per share, valuing the firm at £48m. Facing £91m in debt, Kingswood needs fresh capital to stay afloat. HSQ aims to complete the deal by 15 April, seeing the merger as an opportunity to provide long-term investment and drive growth in Kingswood’s UK and Ireland operations. (Financial Planning Today, 25/3/2025, 'Private equity firm to complete takeover of £48m Kingswood')
Howden has acquired pensions and SIPP consultancy Barnett Waddingham to strengthen its global employee benefits business. The deal, which expands Howden’s workforce to over 10,000 across 200 locations, aims to enhance its pension, investment, and risk services, creating a new global force in employee benefits (Financial Planning Today, 25/3/2025, 'Benefits firm Howden acquires Barnett Waddingham')
Quilter Financial Planning has added Belfast-based PHW Wealth Partners as an appointed representative, strengthening its Northern Ireland presence. Founded by industry veterans with 60 years’ experience, PHW provides tailored advice to HNW individuals, business owners, and families. (Financial Planning Today, 26/3/2025, 'Quilter adds Belfast firm to boost NI presence')
Finli Group has acquired Somerset-based Schaefer Financial Management and Birmingham-based MMR Financial Planning, marking its 41st acquisition. The deals, completed for undisclosed sums, expand Finli’s reach to over 100 Financial Planners serving 20,000 clients. Finli plans three more acquisitions across Kent, Cardiff, Merseyside, and Somerset, further strengthening its £5bn assets under advice. (Financial Planning Today, 24/3/2025, 'Finli acquires Somerset and Birmingham Planning firms')
Lumin Wealth has acquired the mortgages arm of RBS Associates, expanding its services after its June 2023 tie-up with mortgage adviser Davidson Deem. The deal brings RBS Associates’ team, including Mark Spurling, to Lumin Wealth, enhancing its offerings in investments, pensions, inheritance, tax planning, and financial protection. (Financial Planning Today, 21/3/2025, 'Chartered Planner acquires mortgage business')
Ludlow Trust has acquired HSBC Bank’s trust business, continuing its expansion in the UK trust market. The deal adds HSBC staff to Ludlow Trust and rebrands the business to Ludlow Trust Company (Southampton) Ltd, with operations moving to new offices in Whiteley. Ludlow has previously acquired trust services from several UK banks, reinforcing its growth strategy. (Financial Planning Today, 11/3/2025, 'Ludlow Trust acquires HSBC's trust company')
Clifton Wealth Partnership has acquired seven financial planning firms across England and Wales, adding £500m in assets and 25 team members. The firms, Capel Court Ltd, Financial Solutions Wales Ltd, Davies Craddock Ltd, Tailormade Financial Services Ltd, Absolute Financial Services LLP, London Private Wealth Ltd and Clifton Wealth Partnership Portishead Ltd, will remain under their original leadership for a smooth transition. Clifton’s growth strategy includes integrating these firms with tailored plans and maintaining client service. (Financial Planning Today, 10/3/2025, 'Clifton Wealth acquires 7 Financial Planning firms')
Accenture has acquired Altus Consulting from Equisoft. Altus, specialising in technology solutions for pensions and asset management, will join Accenture’s insurance practice. Equisoft retains Altus's software business. The acquisition strengthens Accenture’s expertise in distribution, risk, regulation, and technology for financial services. (Financial Planning Today, 6/3/2025, 'Accenture acquires Altus consultancy arm')
Wren Sterling has added £300m in assets under management with three acquisitions: JLS Associates in Scotland, Investment Choices Wealth Management in Kent, and Broadway Financial Planning in the Cotswolds. The acquisitions bring 520 new clients to the firm, increasing total assets to £9bn. Wren Sterling aims to expand further with additional acquisitions planned for 2025. (Financial Planning Today, 5/3/2025, 'Wren Sterling adds £300m AUM with trio of acquisitions')
Partners Wealth Management has acquired Johnston Carmichael Wealth, adding £6bn in assets under management. The deal expands the firm’s reach across the UK, with Partners now advising 5,500 private clients. Partners, part of the 7IM group, has grown to a 170-strong team since its 2004 founding. (Financial Planning Today, 4/3/2025, '7IM's Partners Wealth buys Johnston Carmichael Wealth')

Movers

Tom Hegarty has been appointed CEO of Simplybiz, starting 1 April. He joins from M&G Wealth Advice, where he created The Advice Partnership and M&G Wealth Advice Academy. Hegarty has also held roles at Fintel, including Managing Director of the New Model Business Academy, and has led initiatives like the New Talent Alliance and the Trailblazer Group for financial advice apprenticeships. (Financial Planning Today, 27/3/2025, 'Simplybiz hires former M&G Wealth Advice head as new CEO')
Paul Stockton, CEO of Rathbones, will retire on 30 September after six years in the role. He plans to assist with the transition until 31 December. Jonathan Sorrell, currently President of Capstone Investment Advisers, will join as CEO-designate on 1 July. Sorrell's past roles include CFO and President at Man Group. (Financial Planning Today, 20/3/2025, 'Rathbones CEO Stockton to retire')
Amy Stirling, CFO of Hargreaves Lansdown, will leave after the company’s imminent takeover and delisting from the London Stock Exchange. She has been with HL for three years and will remain through the transition to ensure continuity. Stirling previously served as CFO at Virgin Group. The search for a new CFO is underway. (Financial Planning Today, 19/3/2025, 'Hargreaves CFO to quit after £5.4bn takeover')
Evelyn Partners has appointed Gabriela Turner as a Director in its London Financial Planning team. Turner joins from Satis Wealth Management, where she worked as a Senior Financial Planner. With previous experience at Quilter/Old Mutual Private Client Adviser, she will strengthen Evelyn's Financial Planning capability at its Gresham Street office, which houses nearly 70 practitioners. (Financial Planning Today, 18/3/2025, 'Evelyn appoints new Financial Planning director')
The Chartered Institute for Securities & Investment (CISI) has appointed Oliver Bourke, Managing Director at Mercury Wealth Management, as the new Chair of its Accredited Financial Planning Firm steering committee. He takes over from Ian Pickford, who stepped down after three years. Bourke is a chartered fellow of the CISI and has been a committee member for 18 months. (Financial Planning Today, 17/3/2025, 'New chair of Accredited Financial Planning Firm committee')
Evelyn Partners has appointed three new team members across its Leeds and Newcastle offices: Mark Carter as Director in Leeds with 30 years of experience, Ross Bone as Associate Financial Planner in Newcastle with 10 years' experience, and Gail Carr as Investment Director in Newcastle, bringing 20 years of industry expertise. Carter joins from Aberdeen, Bone from Equilibrium Financial Planning, and Carr from Rathbones. (Financial Planning Today, 10/3/2025, 'Evelyn hires 2 Financial Planners in north of England')
Redmayne Bentley has recruited Vittoria Vaccaro from The Private Office to join its expanding Financial Planning team. Based mainly in Leeds with time in Harrogate, Vaccaro's role will focus on business development, building relationships with professionals and private clients. This comes as the firm celebrates its 150th anniversary and aims to grow its Financial Planning services. (Financial Planning Today, 7/3/2025, 'Redmayne Bentley boosts Planning team with new hire')
Martyn Beauchamp has been appointed permanent CEO of the Financial Services Compensation Scheme (FSCS) after serving as interim CEO for 16 months. He stepped in following the departure of Caroline Rainbird in June 2023. Beauchamp has extensive experience, having previously held leadership roles at GE Capital, Tesco PLC, and Sainsburys PLC. (Financial Planning Today, 6/3/2025, 'Beauchamp made permanent CEO of FSCS')
Carlton Hood has been appointed CEO of Guardian. Hood, with over 25 years of experience, previously served as Group CEO of Responsible Life, and held roles as Chief Customer Officer at Old Mutual (now Quilter) and CEO of Confused.com. Peter Mann, the interim CEO, will move to Non-Executive Chairman. Hood will lead the executive team and focus on strengthening partnerships to improve customer outcomes. (Tom Browne, 2/4/2025, Money Marketing, 'Carlton Hood appointed CEO of Guardian')
Nucleus Financial Platforms has appointed Jenny Woods as Group Financial Controller and Jennifer O’Brien as Commercial Finance Director to support its growth. Woods, with 20 years at Aberdeen, has held senior financial roles, including interim CFO of Americas. O’Brien brings 20 years of experience, having worked at ClearBank, Deloitte, Aegon, NatWest Group, and M&G, where she was CFO of the Wealth division. Both roles are newly created to help Nucleus expand. (Dan Cooper, 28/3/2025, Money Marketing, 'Nucleus strengthens financial leadership team')
Clifton Wealth Partnership has appointed Tom Stansbridge as M&A Execution Manager. Stansbridge joins from Ascot Lloyd, where he managed M&A for four years. With 26 years in financial services, he has held senior roles at Quilter, LEBC, and Flying Colours Wealth, working in both advisory and paraplanning. (Lois Vallely, 24/3/2025, Money Marketing, 'Exclusive: Clifton Wealth builds out M&A team with new hire from Ascot Lloyd')
Bowmore Wealth Group has appointed former M&G Chief Investment Officer Jack Daniels as Chairman. Daniels, with extensive experience at M&G and Prudential, joins alongside Roger Ganpatsingh, appointed as a Non-Executive Director. Ganpatsingh has a strong background in finance and technology, previously serving as Managing Director at Throgmorton UK and CFO at Daemon, where he helped drive the company’s growth. (Tom Browne, 18/3/2025, Money Marketing, 'Former M&G CIO Jack Daniels joins Bowmore Wealth Group as chairman')