The deal which includes the leading Abacus and Duchy brands, sees the new combined businesses with assets under advice and management of over £7bn and more than 300 staff – with this transaction contributing £2.4bn of assets under advice, over 140 advisers and staff of 95

The business will continue to be managed by existing managing director of Abacus Associates Financial Services, Mal Harper, who will report to Saltus managing partner, Jon Macintosh. It will operate as a discrete business unit, complementing Saltus’s existing business units.

The deal is scheduled to complete in the Autumn following regulatory and Tavistock shareholder approval.

The transaction represents a new milestone in the Saltus story, as the company continues to invest in its business and develop its offering for the benefit of a greater range of partners and clients.

This business complements Saltus’s existing activities, a client facing financial planning business, and the Saltus Partnership Programme which provides services to entrepreneurial third party financial advisers, the statement further said.

Saltus managing partner Jon Macintosh said: “We are delighted to welcome Mal and his team on board. We are impressed by the record of growth Mal has achieved and the quality of care he and his colleagues provide to their clients.

“There’s a strong strategic case for this deal and the complementary nature of our two businesses will ensure that 1+1=3.

“Abacus is already an important client for Saltus; we have been looking after some of Abacus clients’ investments for some time. We have been helping to turn around the performance of their in-house investment management proposition and we have got to know each other well. The entrepreneurial attitude, track record of putting clients first and wider culture at Abacus fit well with our own, recently recognised in our success in The Sunday Times Best Places to Work awards.”

Macintosh continued: “Saltus enjoys the highest rate of organic growth in the industry, driven in part by a very strong sales and marketing operation, which the Abacus business will benefit from.

“Moreover, the combined business will benefit substantially from having access to the investments we have made at Saltus, particularly in our platform and our client and adviser facing technology.

“This is an important deal for us, and it represents an important milestone in our continued story of investing in our proposition to the benefit of partners, colleagues and clients. We are excited about the future.”

Brian Raven, Tavistock’s chief executive said: “We have worked with Mal and his businesses since 2014, so it was important for us to find the best home for him, his advisers and his staff. We believe that is Saltus. Our two businesses may now be moving in different directions, but we wish Mal and his team all the very best for the future.”

Malcolm Harper, managing director of Abacus Associates Financial Services, said: “We have been impressed by the quality of Saltus and what Jon and the team have achieved and the professionalism and quality of the Saltus operation. Abacus and our associated operations fit neatly into the Saltus mould and will do much to extend the company’s footprint.

“There is plenty more scope for development and investment to come across the entirety of the business and there is much to be gained from applying Saltus technology across our activities. It’s a great cultural fit and our people, partners and clients will be very happy at Saltus and I am thrilled to be joining.”

The wealth manager and wholly-owned subsidiary of Franklin Templeton said Matt McKean has joined the firm as a wealth director based in its Boca Raton, Florida office.

McKean most recently served as executive director at JP Morgan Private Bank in Las Olas, Florida.

“Matt excels in wealth management, specialising in multi-generational tax advice and tailored financial strategies for high-net-worth individuals and families, as well as sophisticated investment solutions for foundations and endowments,” said Todd Stoller, regional managing director for Fiduciary Trust International’s Palm Beach region.

Saltus

The wealth management firm  has appointed Alistair Stuart as its new chief operating officer.

He will focus on the Saltus Partnership Programme, launched in September 2023 to provide flexible financial and operational support to independent financial planning businesses.

His  career in financial services includes senior roles at the European Depository Bank, Investec, RBS and Westpac, and most recently he has served as Director of Operations Transformation at Nationwide Building Society.

Most recently his focus has been on building and launching digital financial services in the UK and Europe, paying particular attention to building personalised relationship models supported by great technology.

Jon Macintosh, CEO of Saltus, said: “Alistair is an energetic, enthusiastic and talented leader, with a detailed knowledge and understanding of both the industry as a whole and what we’re looking to achieve with the SaltusPartnership Programme specifically.”

Evelyn Partners / Mazars

Evelyn Partners’ head of multi-asset funds Ben Seager-Scott is set to take up a CIO role at advice firm Mazars, both companies have confirmed.

Seager-Scott joined Bestinvest in 2011 and has held his multi-asset role for over five years.

An Evelyn spokesperson said Seager-Scott would remain at the firm for the next few months while they reallocate his responsibilities.

He will replace David Baker who has held the CIO role at Mazars for over a decade.

Quilter

Quilter has appointed former Hargreaves Lansdown chief executive Chris Hill as an independent non-executive director.

The move, which takes effect from 7 March, will see Hill join the wealth manager’s board and its audit and remuneration committees.

Hill stood down as CEO in October 2022, being succeeded by former Relx CIO Dan Olley.

His appointment to Quilter’s board comes after NEDs Tazim Essani and Paul Matthews both announced they would stand down at the company’s AGM on 23 May.

By joining the programme Advies looks to elevate its client proposition and develop its financial planning offerings.

The firm will have access to specialist advice teams tailored to its needs as well as access to capital and M&A expertise enabling sustainable growth.

Advies will also be able to use the programme’s bulk replatforming service which will allow it to transition to an integrated technology solution.

While also receiving support in facilitating the launch of its new website.

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The programme, which was launched this August by UK wealth manager Saltus, provides advice to independent financial planning businesses looking to grow, maximise profits, or considering succession.

Partner at Advies, James Wills, said: “In order to develop and scale up our business, we needed a solution that would allow us access to increased resources in order to deliver sustainable growth while remaining autonomous.

“We undertook a comprehensive evaluation of the market and, at the end of that process, we found the only proposition that is genuinely aligned to our objectives is the Saltus Partnership Programme.

“It offers the funding we need, the scalable support we require, and joined-up technology that will support both the business and our clients’ requirements. We are very excited about the prospects this collaboration will offer.”

The latest Saltus Wealth Index surveyed 2,005 people with investable assets of £250,000+ which found that on average respondents expected their property to contribute 44% to their retirement funds.

With house prices falling by 4.7% and the slowdown of the housing market in the last six months Saltus reported that this raises significant concerns about the retirement plans of many HNW individuals.

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Megan Jenkins partner at Saltus, said: “ These findings are alarming as relying solely on property for retirement planning is not a recommended strategy. The cost of purchasing a new home may eat into funds intended for retirement and the unpredictability of the market may result in the need to sell at a lower price than anticipated due to short-term market conditions out of their control.

“There is also a significant emotional aspect to consider, with an understandable attachment people often have to their homes making it difficult to downsize when necessary.

“The recent decline in house prices and challenging market conditions underscore the importance of diversified retirement planning, particularly for HNWIs. Relying solely on property to fund retirement carries significant risk and it is crucial for individuals to have a well thought out and diversified plan that takes into account both the financial and emotional aspects.”

The Saltus Partnership Programme will work with firms to address the biggest challenges throughout their lifecycle – from scaling their businesses to eventual exit. It will provide a set of resources, including specialist teams, advice and financial support to help firms make the most of their opportunities, enhance the service they offer to clients and enable them to scale most effectively.

The service has been designed so that advisers can maximise capital value in their business and realise it at a time of their choosing, either along the growth journey or when they are ready to exit.

It enables financial planning business owners to pick and choose a model and approach that fits them as partners. Operational support spans compliance, technology, HR, bookkeeping, marketing, sales, and growth capital.

The programme launches with three partners: Temple Row, Calton Wealth Management and Indaba, who collectively manage over £200m ($250m, €233m) of assets. The business unit is being led by Saltus partner Mike Stimpson.

Limited options

Stimpson said: “This programme is about giving advisers a habitat they can thrive in, where they can offload all the difficulties and challenges that come with growth and continue doing what they love, looking after and delivering for their clients.

“As financial planning businesses scale, the complexity of delivery increases exponentially and can significantly limit growth potential. As a firm takes on more clients, it needs more advisers to deliver – all while the regulatory burden increases. At present, the only options available to an ambitious, entrepreneurial financial planner are to remain a small firm or to become part of a network, with no middle way for someone wanting to retain control over their business and scale at the same time.

“Fundamentally, the Saltus Partnership Programme is designed for advisers that want to maximise value and maintain control of their own destiny whether they are at the beginning or the end of the business journey.

“They care deeply about the service their clients receive, are being constrained by the compliance, technology and capital challenges they face, and who feel unable to maximise the value of their business due to a lack of access to growth capital. The Saltus Partnership Programme removes the negatives and does so in a commercially sustainable way. It is the antidote to networks and the way things have been done in the past.”

Saltus employs more than 200 people and manages client assets of more than £3bn.