- Citywire 08 December 2010
Sterling McCall to rival Succession as adviser consolidator
- East Midlands-based firm Sterling McCall Wealth Management is looking to rival Simon Chamberlain’s Succession with the launch of an IFA consolidator arm.
The firm, which has grown its assets under management by £75 million over the last nine months through a series of mergers and acquisitions, plans to launch the new venture in March.
It is targeting mid-size firms with up to 15 advisers who have a large proportion of initial income and want to move to a more retail distribution review-compliant model.
It aims to take a cut of the price that advisers eventually fetch when they sell their businesses.
But Sterling McCall director Steve Moseley (pictured) said it would only extract a fee when they are able to add value to businesses.
‘We’ll prove that the model works before taking the fee out,’ he said.
Advisers who sign up will place client assets into Sterling McCall’s outsourced investment management offering from boutique Newscape, held on the Praemium platform.
McCall said the firm was currently talking to other investment managers as it looks to broaden its investment proposition before the launch of the new venture.
Sterling McCall has continued its acquisitions with the purchase of two IFA firms in the East Midlands. County Life & Pensions and an undisclosed Leicester firm have added £45 million to Sterling McCall, bringing its funds under management up to £100 million.
The firm has brought in three new advisers to service those clients.
This is an edited article from Citywire.
Back to List
Talk to us today 0844 871 8409
or email
