International wealth management firm Quilter has acquired UK-based financial adviser business Charles Derby, which was part of Quilter’s advice network and operates under its advice framework.
The move will see over 200 restricted financial planners join the wealth manager during 2019.
A spokesperson for Quilter confirmed to International Adviser that the planners will join around 65 restricted advisers who are already part of Quilter’s national business.
There are, however, around 1,500 restricted advisers operating across the firm’s network, Intrinsic.
Quilter’s Darren Sharkey will be responsible for Charles Derby in addition to Quilter Private Client Advisers (QPCA).
Sharkey was previously named interim managing director of QPCA in October 2018 and will assume the role on a permanent basis.
Dwindling financial adviser supply
“The need for financial planning has never been greater,” said Andy Thompson, chief executive of Quilter’s advice businesses.
“However, despite the increasing consumer demand, there is a steadily dwindling supply of financial advisers.
“Quilter is committed to closing that advice gap by supporting the growth and development of the advice market. We see a demand for controlled, scalable advice from a Quilter brand and, following the success of Quilter Private Client Advisers, we are extending that model so we can serve a wider customer base.
“Charles Derby has been part of the Intrinsic network since launch, making it an excellent cultural fit and a strong basis for our developing national advice business,” Thompson said.
Similarly, Chris Fautley, chairman and chief executive of Charles Derby, said that “the acquisition by Quilter offers an exciting opportunity for us to accelerate this growth further”.
“This acquisition allows us to continue to deliver high quality consistent advice from a trusted brand, while also enabling us to build and expand our current services.”