Aberdeen has agreed the sale of its financial planning business to financial advice and planning firm, Ascot Lloyd, for an undisclosed sum.
The move will see Aberdeen continue to partner with Ascot Lloyd through the provision of its Wrap platform from its adviser business, as well as potential investment solutions.
Aberdeen Financial Planning had been part of the group’s interactive investor business.
Group CEO at Aberdeen, Jason Windsor, revealed the deal was a “step forward” in its efforts to simplify the business.
“We have three core businesses, interactive investor, Adviser and Investments, all with clear plans for growth, and these actions are part of our drive to improve performance and execute on our plan,” said Windsor.
interactive investor CEO, Richard Wilson, commented: “Aberdeen Financial Planning has a great team who deliver an excellent service to our financial advice customers.
“While we ultimately concluded that the face-to-face holistic financial advice model is not the best fit with the ii digital platform, we are confident it is well placed to thrive under Ascot Lloyd’s ownership, with a positive cultural fit and a track record of client service through a national organisation of 150 advisers.”
Ascot Lloyd CEO, Francis Jackson, added that the acquisition “marks a major milestone” for the company.
“The leadership team and advisers we encountered are highly experienced, skilled professionals who will integrate well into the culture at Ascot Lloyd,” Jackson said.
“At the heart of the business we found a team who are committed and focused on the delivery of excellent financial planning and advice and believe the business to be a great fit for Ascot Lloyd, supporting our ambitious growth plans in the market.”
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