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Succession DFM permissions completes ‘Holy Trinity of Value’

Succession CEO Chamberlain says virtual integration gives company full control of all fee-earning elements of the business

Succession has been granted full discretionary fund management permissions from the FCA, which CEO Simon Chamberlain, says completes the ‘Holy Trinity of Value’ for the consolidator – provision of advice, platform and fund management services independent of any third-party provider.

Virtual integration gives the company control over all the fee-earning elements of the business, Chamberlain points out. “We are now the only independent company of scale to be completely vertically-integrated, benefiting from all income lines from our advisory business through to platform provision and now fund management.

“For the first time in the UK, a client will be able to be assured that the person and company they give their money to invest will give them an individual life plan, supported by full cashflow forecasting, delivered on a platform and in range of funds that are designed specifically for their individual needs”.

In a previous interview with ABR Chamberlain said: “Clients rarely care who the fund manager of the Portfolio 3 is. What they care about is that they get the 5% for school fees and it’s rebalanced. Clients of Succession are so educated to our life planning model that we will be able to launch our own funds over the next 12 months and complete the vertical integration of the business,” However, he added that the group was unlikely to manage the money itself. “What we will do is mandate it to fund management firms – the difference is we will be the nominee and the custodian, and they will manage the assets on our behalf.”

Senior appointments

The company has also announced three new senior appointments: Paul McMahon, founder of Elevate, as a non-executive board member of Succession Advisory Services the platform and consultancy division of Succession; investment manager Raj Hallen, to overview the development of the fund management proposition; Steve Clarke, formerly Group HR Director at the Lighthouse Group, as HR Director of Succession Group, bringing additional M&A and change management expertise to support what the group describes as “the rapid integration of acquired member firms, as Succession prepares to double staff numbers by 2018”.

Succession reports it has in excess of 15,000 clients, served by 350 advisers and over £10.5bn of funds under management.

See also:

Succession chief Chamberlain targets £100m turnover for 2018 capital event

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