In a trading update for the year ended 31 December 2024, the firm said the expected EBITDA contribution for 2025 is around £500,000.

The transaction involved Benchmark Capital, a fully-owned subsidiary of Schroders, selling all of its 49% stake in RSMR.

On 16 July 2024, the company announced a conditional agreement to acquire 70% of UK-based investment research and ratings agency RSMR.

The remaining 30%, owned by management, will be acquired over the following 24 months, subject to price and performance.

Regulatory approval was granted in late December 2024, and the acquisition was successfully completed on 7 January 2025.

In its update, Fintel said its focus has been on acquisition integration and delivering revenue synergies to drive medium-term organic growth.

It made four strategic acquisitions and investments completed, supporting its strategy of adding scale, IP and quality data sets to consolidate a fragmented technology market.

The deals were: Threesixty Services in July 2024; ifaDASH in March 2024; and Owen James and Synaptic Software in January 2024.

Fintel said the backdrop “remains positive”, underpinned by the “dynamic structural market shifts” in UK financial services.

This, together with its recent acquisitions, positions Fintel “strongly” for sustained organic growth going forward.

The increase in employer’s National Insurance contributions announced in the Budget will add a forecasted additional cost of £650,000 in the coming year.

Fintel said it would make the “necessary steps” to absorb this cost without negatively impacting earnings.

Joint chief executive Matt Timmins said the business is confident of delivering further progress in the year ahead.

He added: “Our extensive platform positions us strongly to capitalise on the multiple growth opportunities available in a fragmented retail financial services market.”

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It gave the update in its financial results for the year ended 31 December 2024, which were published today (30 January).

In February last year, the FCA wrote to 20 of the UK’s biggest advice firms requesting information about their delivery of ongoing services to clients.

In the same month, the wealth manager said it needed to set aside £426m in case it had to refund clients for an ongoing service that has not been evidenced.

This followed a “marked increase” in clients registering complaints in late 2023.

The announcement hit the company’s share price, which plunged to its lowest level in 11 years and caused it to temporarily drop out of the FTSE 100.

SJP also said work to change its fee structures “remains on track for delivery” by the second half of 2025.

Despite a rocky year for the firm, its results show a strong final quarter for SJP.

It attracted £5.5bn of new client investments to the business, bringing annual gross inflows to £18.4bn, up 20% compared to 2023.

Annual retention of client investments stayed high, with an improvement in net inflows to £1.5bn for the final quarter.

This brought the total to £4.3bn for the year.

Another year of net inflows drove funds under management (FUM) to a record £190.2bn at 31 December 2024.

SJP chief executive officer Mark FitzPatrick said: “Client engagement levels were high throughout the quarter as our advisers provided support, reassurance and invaluable advice that helped clients navigate the uncertainty and safeguard their long-term financial futures.

“SJP has had a successful year. We have increased our client and adviser numbers, sustained net inflows and achieved record FUM.

“Looking forward, we see a growing need for trusted financial advice, and I am confident in our ability to capture this and deliver great outcomes for clients and all our stakeholders.”

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The changes will come into effect on 1 February 2025.

From that date, the starting rate for investments between £0 and £500k will drop from 0.23% to 0.20% – a 13% reduction

For investments between £500k and £1m, a new tier is introduced with an even lower rate, dropping from 0.23% to 0.15% – a 35% reduction

All other charges remain unchanged.

As Shackleton continues to grow, it said its aim was to make its hub and investment proposition “even more attractive and competitive” for clients.

This includes the possibility of further fee reductions and enhancements to its services over the years to come.

Through the hub, Shackleton manages £460m of funds on behalf of 1,700 clients through around 2,500 accounts.

Fee structure from 1 February 2025

Fee structure up to 31 of January 2025

In addition to the fee reductions, the business has also reduced the overall cost of its VT Esprit funds, which form part of its centralised investment proposition, by 0.02% – 0.07%.

The overall cost of the VT Esprit Tactical Growth, the largest fund in the range at £340m, has dropped from 0.75% to 0.68%.

For a client with £1m invested in VT Esprit Tactical Growth on the Shackleton Hub, the fee reduction amounts to an annual saving of £1,250.

Shackleton is headquartered in London and manages £5.5bn of assets under advice and management.

It operates as a single, nationwide financial-advice company, with a physical presence in 17 cities and towns across Britain, as of 31 December 2024.

The company has been rapidly growing through a successful ‘buy and build’ strategy, supported by Sovereign Capital Partners.

Its objective is to improve its clients’ financial security, enabling them to “live their lives safe in the knowledge that their financial affairs are in good order”.

As a result of the efficiencies achieved through its significant growth in assets under management over the past two years, it has announced that it will pass on the resulting cost savings directly to clients.

Shackleton chief executive Paul Feeney said he is “delighted” with the efficiencies the firm has achieved through its growth over the past two years.

These have enabled the firm to deliver the reduction in fees for both existing and future clients.

“Our goal is to be the most trusted provider of financial advice in the country,” he added.

“I strongly believe that the changes announced today clearly demonstrate our commitment to delivering on this goal.

“It also highlights that we are true to the important core values that sit at the heart of Shackleton – respect, fairness, care, dependability and courage.”

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It brought the total number to 561,000, up 16% in the last year and 4% in the past three months.

The number of advised customers has risen by 2% in the quarter to 174,000, while D2C customers rose by 4% to 387,000.

This resulted in record assets under administration (AUA) of £89.5bn, an increase of 17% in the last year and 3% in the quarter.

The investment platform also recorded gross inflows in the quarter of £3.6bn, compared to £2.7bn during the same period in 2023.

Meanwhile, net inflows rose by £100m to £1.4bn.

AJ Bell also recorded strong performance on the investment side of its business, reporting assets under management (AUM) of £7.2bn, up 38% in the last year and 6% in the quarter

Net inflows in the quarter were £400m, in line with the prior year.

AJ Bell chief executive officer, Michael Summersgill, said: “I am pleased to report a strong start to the financial year as we continued to attract thousands of new customers and increased levels of assets.

“During the quarter we continued to see the benefits of our dual-channel model and the high-quality propositions that we offer to both the advised and D2C market segments.

“Our D2C platform recorded increased net inflows of £1.1bn, up 57% on the prior year.

“This strong performance was driven by continued improvements in our brand awareness and our highly competitive pricing, as well as elevated pension contributions in the run-up to the October Budget.

“The strength of our advised platform is reflected in strong gross inflows of £1.7bn, with net inflows of £0.3bn having been impacted by elevated levels of pre-Budget pension withdrawals, as well as recent adviser consolidation.

“Ahead of the October Budget, speculation around the tax treatment of pensions caused a short-term behavioural change among retail investors, which normalised quickly once the content of the Budget became known.

“The strong start to the year positions us well as we approach the busy tax year end period. We remain focused on the significant long-term growth opportunity that exists in the platform market.

“Our dual-channel approach and continued investments into our propositions and brand mean we are well-placed to continue our strong growth.”

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He will also be serve as a member of the group’s executive committee as the business refocuses exclusively on wealth management.

His appointment is subject to regulatory approval.

Mahvelati will join Evelyn Partners from PwC UK, where he is a strategy and operations Partner and leads the financial services value creation practice.

His experience prior to PwC includes hands-on operational roles at UBS Investment Bank and Natwest Group, as well as working for strategic consultancy firms.

At Evelyn Partners he will lead cross-functional change programmes, client journey changes, tech, data, security, operations, M&A, strategy and central services.

The appointment is a part of a planned transition following the recently announced sale of Evelyn Partners’ Professional Services and Fund Solutions businesses.

Evelyn Partners chief executive officer, Paul Geddes, said: “We are delighted that Bids is joining the leadership team at this pivotal stage in the development of the business as we refocus on the considerable growth opportunities that we see in the wealth-management sector.

“Bids knows Evelyn Partners really well and with his depth of experience in senior advisory roles and operations, and ability to bring both strategic insight and develop practical solutions, he is ideally positioned to help us deliver our transformation plans and achieve the next stage of our growth.”

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The digital-first PII provider will add the Comentis vulnerability assessment platform to its suite of approved risk-mitigation solutions for its Club Membership of well-managed advice firms.

Fully aligned to the FCA’s four drivers of vulnerability and in line with Consumer Duty regulation, the Comentis tool is a one-of-a-kind assessment that enables advisers to consistently identify vulnerable client activity.

Combining advanced technology with the clinical expertise of renowned mental health and psychology specialists, the tool provides accessible and cost-effective digital assessment, which will be integrated into existing technology and processes that BareRock provides to its Club Member firms.

Taking just four minutes on average to complete, advisers can save time while conducting a thorough vulnerability identification assessment, pinpointing specific areas where a client may be at risk and creating a clear audit trail.

BareRock chief operating officer John Netting said: “Supporting well-managed advice firms is at the core of our mission here at BareRock.

“Comentis helps reduce PII risk by providing an objective, clinically validated audit trail of vulnerability assessments.

“This documentation is particularly valuable when defending against future complaints, for example where beneficiaries retrospectively question past advice given to vulnerable clients.”

Jonathan Barrett, CEO of Comentis, said: “Regulatory scrutiny around vulnerability continues to increase, so it’s more important than ever for advisers to be fully equipped to identify any, and indeed all, signs of vulnerability.”

Barrett added: “We’re delighted to partner with BareRock, specifically as both organisations share a deep commitment to supporting the advice profession.

“This collaboration will help more firms embed robust vulnerability processes into their advice journey, creating better outcomes for all clients, while strengthening their own risk management too.”

The partnership means Club Member firms using the Comentis technology will gain points towards their overall BareRock Club score, potentially allowing them to qualify for insurance-premium reductions of up to 20%

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The deal is subject to regulatory approval.

Advisa Wealth was founded in 1995. Its services include lifestyle planning, investment advice, life protection and corporate solutions.

It manages £525m in assets and serves around 1,800 clients, with a 95% retention rate.

As part of the deal, Advisa’s management team and 10 advisers will join the Titan Wealth group.

The acquisition complements Titan’s recent purchase of Ravenscroft International, bolstering its capabilities in both financial planning and wealth management in Jersey and Guernsey.

Together, these moves reflect Titan Wealth’s ambition to expand its footprint and achieve its vision of managing £100bn in assets within the next five years.

Titan Wealth’s joint group chief executive and head of M&A Andrew Fearon said Advisa Wealth’s “dedication to putting clients first” aligns with Titan’s ethos.

“This partnership strengthens our position in the Channel Islands and opens exciting new opportunities for growth,” he added.

Trevor Griggs of Advisa Wealth said joining Titan Wealth provides the firm with the scale and resources to “further enhance and develop” its client services.

He added: “We’re excited to collaborate with Titan’s extensive network and expertise to drive mutual success.”

Titan Wealth is backed by private-equity investors Parthenon Capital Partners and Hambleden Capital, and has £35bn of assets under management or advice.

Earlier this month, the business hired Succession Wealth’s Scott Hamilton as head of sales for its discretionary investment arm.

Hamilton will lead the push to expand Titan Private Wealth’s presence in the high-net-worth market.

In December last year, Titan acquired Independent Wealth Planners (IWP) for an undisclosed sum.

The deal, subject to regulatory approval, includes IWP’s two trading entities: IWP Financial Planning Limited and IWP Investment Management Limited.

The wealth manager said the acquisition represents an acceleration of its vertically integrated strategy.

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It committed to undertake the review of historical data and practices across the Quilter Financial Planning network of appointed representative firms in March 2024.

A skilled person was then appointed to carry out the independent review the following month.

It came after the Financial Conduct Authority (FCA) wrote to 20 of the biggest advice firms in February 2024, requesting information about their ongoing advice fees.

At the time, Quilter has said the review may result in the company incurring “remedial costs” – but said it was “too early to quantify” how much they would be.

Quilter provided the timeline for the ongoing advice update in its Q4 2024 results, published today (22 January).

The results show the firm reported record core net inflows of £5.2bn in 2024.

Performance in Q4 was the strongest of the year, with core net inflows of £2bn, representing 7% of opening assets under management and administration (AuMA).

Quilter also recorded record quarterly platform net inflows of £1.9bn, representing 9% of opening AuMA.

The strength of Quilter’s platform proposition has been demonstrated by higher business volumes.

Fourth quarter Quilter channel gross and net inflows onto the platform increased by 22% and 32%, respectively, year-on-year.

IFA channel gross inflows onto the platform increased by 91% year-on-year, while net IFA inflows of £1.2bn were significantly higher compared to Q4 2023.

Overall, group AuMA stood at £119.4bn at the end of December 2024.

In the high-net-worth (HNW) segment of Quilter’s offering, new business remained strong.

Ahead of the Budget on 30 October, it said it experienced some “asset repositioning” as clients accelerated disposals ahead of expected changes in capital gains tax.

However, despite these higher outflows in October, fourth quarter net inflows of £208m represented 3% of opening AuMA.

Finally, the Affluent segment of Quilter’s business also delivered another strong quarter, with year-on-year increases in gross inflows of 58% to £3.9bn.

Quilter chief executive Steven Levin said: “Our performance in 2024 demonstrates the strength of our two scale distribution channels.

“We are the UK’s largest discrete adviser platform and, we believe, the fastest growing among our larger company platform peers.

“Our scale and distribution reach makes us uniquely positioned both to serve our customers well and to benefit from the secular growth opportunity that the UK wealth market offers.”

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Current chief development officer Tom Dunbar will take over as CEO of Integrated Financial Arrangements – the operator of the Transact platform.

Gunby joined the business in 2011 when Transact’s funds under direction (FUD) were £10bn.

Although he always says that the hardest work – establishing Transact – had been done by 2011, he has been part of a core team who have grown the business to over £65bn of FUD.

He was also a key member of the small team who floated the holding company in 2018, and was a director of the listed entity IntegraFin Holdings plc until he retired from that board at the end of the 2024 financial year.

After 40 years working in financial services and at age 65, he and his wife are looking forward to spending more time on the beach.

Gunby recruited Dunbar as chief development officer in April 2021 as his potential successor.

After a successful initial period, during which Transact has continued to prosper under his guidance, Dunbar was appointed to the Transact board in April 2023.

The board has now appointed him as CEO following a “well-executed” succession plan.

The Gunby family continue to be IHP shareholders and Gunby remains available to provide ongoing support to the business.

Commenting on his departure, he said: “I have thoroughly enjoyed being part of the Transact success story and wish colleagues, advisers and customers all the absolute best for the future.

“Tom has excelled in his role at Transact and I’m entirely confident that I am leaving Transact in extremely capable hands.”

Richard Cranfield, chair of IHP Group, said: “We thank Jonathan for his dedication to and hard work in the business and through his board contributions.

“He has delivered material and profitable growth for the business during his tenure, navigating significant political and economic change, alongside the impacts of the pandemic and a highly competitive platform market.

“We wish Jonathan and his wife Cheryl all the best in retirement.”

He added: “Tom has impressed me and the other board members. We are delighted to appoint Tom as CEO and wish him every success in his new role.”

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The guide is aimed at advisers looking to refresh their knowledge and understanding of how to support clients who may be experiencing abuse.

It looks at how firms and advisers can use their expertise in finance to close opportunities for abusers to exploit financial products.

Research by the Surviving Economic Abuse (SEA) charity suggests one in seven women in the UK have experienced some form of economic abuse from a current or former partner within the past 12 months.

The new PFS Guide was prompted by SEA, which also published a report on this subject in 2023.

SEA noted that life-insurance products can be very difficult to separate without both parties’ consent, and this can be a tool to control a victim-survivor post separation.

Writing life-insurance policies in trust also offers its own challenges, and the PFS Guide explores how to best set up a trust to make it less likely to be used as a tool to abuse.

It also offers a list of recommendations for advisers, including working closely with providers of life insurance to promote the interests of victim-survivors.

The PFS said raising awareness and creating an environment where victim-survivors know they can share information comfortably are both key actions advisers can take.

Personal Finance Society president, Carla Brown, said: “The aim of this Good Practice Guide is to provide a starting point for advisers either looking to refresh their knowledge of economic abuse or to explore further how they can support clients experiencing economic abuse.

“The financial services profession has a crucial role to play in this, and while we understand how to use financial tools to get the best for our clients, we should also be able to identify and avoid policies or products that perpetrators might use to facilitate economic abuse.”

Sam Smethers, interim CEO of Surviving Economic Abuse, said: “Domestic abusers use every tool at their disposal, including insurance products, to cause devastating economic harm to victim-survivors, often undisrupted and without consequence.

“Time and time again, we hear about abusers weaponising life-insurance policies to control and coerce victim-survivors, trapping them in fear for their lives.

“Tragically, there are cases where abusers who are policy beneficiaries have been incentivised to kill.

“Financial services play a vital role in supporting customers experiencing economic abuse. This new guidance will help insurance advisers close down opportunities for abusers to cause harm and help victim-survivors access economic freedom and safety.

“We look forward to working with the industry to transform its response to economic abuse and hope it will join us in calling for the changes in the law needed to stop abusers in their tracks.”

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The company said it has seen many financial-advice firms struggling to meet the FCA’s stricter requirements following its thematic review of retirement-income advice.

These areas include information collection, suitability assessments and disclosures.

Oxford Risk cited the growing popularity of guaranteed income products as just one example of how retirement income planning is changing and, consequently, how advisers must adapt.

Annuity sales, for instance, rose 39% to 82,000 individual contracts sold in 2023/24 – the highest since ‘pension freedom and choice’ reforms came into effect in 2015.

The £6bn invested in annuities, meanwhile, was more than 49% higher than the previous year.

Head of behavioural finance at Oxford Risk, Dr Greg B Davies, said: “A common strategy for advised clients entering retirement is to allocate part of their pension pot to provide a guaranteed income for life, while keeping the remaining portion invested to allow flexible withdrawals.

“This approach not only reduces sequencing risk but can also enhance the investor’s capacity for risk-taking with their remaining investible assets.

“However, financial advisers face a significant challenge: how to demonstrate and evidence that their recommendations on these two components – guaranteed income and the remaining portfolio – are both suitable independently and optimally aligned together.”

Designed to support financial advisers and wealth managers, the new tool provides a clear methodology for addressing key questions.

These include issues such as how much guaranteed income should be purchased,
and what level of risk should be taken with the remaining pot of invested assets.

Just Group, which specialises in UK retirement products and services, is feeding live data into the new tool.

This, it said, will provide accurate and up-to-date intelligence on health, mortality and product pricing.

The above will enable advisers to get accurate insight from the Oxford Risk solution on the level of Secure Lifetime Income (SLI) to provide for their clients.

Just Group head of retail investment solutions, Stuart Slegg, said: “We’re very pleased to continue our work with Oxford Risk to support advisers achieve better outcomes for their clients in-retirement.

“The challenges faced by clients in-retirement are different to those accumulating wealth, so it’s important advisers can evidence how the solution they recommend meets their clients’ individual objectives.

“There’s a growing body of evidence that shows how including a proportion of Secure Lifetime Income within a drawdown portfolio can enhance client outcomes.

“How much Secure Lifetime Income to purchase for a client and how to adjust the remaining investments in the portfolio is a question that Oxford Risk have been working hard to solve.

“Its unique methodology provides advisers with a solution to this important question.”

Oxford Risk’s Retirement Income Suitability software solution is available now.

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