2plan 'very close' to Park Row bulk transfer deal

2plan Wealth Management says it is "very close" to finalising a deal that will see more than 240 Park Row advisers join the firm in a bulk transfer.

The arrangement is still subject to FSA approval but 2plan chief executive Chris Smallwood today says he is delighted with the progress the talks have made.

"We are thoroughly delighted to confirm that our exclusive talks with Park Row are now very close to completion, allowing us to put in place all the preparations necessary for the advisers to move their business operations to 2plan," Smallwood says.

IFAonline understands 2plan wil pay up to £5,000 per adviser, meaning the deal could cost it £1m.

"Any adviser choosing to join us will be given the maximum support possible to ensure a smooth novation of their clients and business activities and we really look forward to welcoming them to our team," Smallwood adds.

Carey Shakespeare, sales & marketing director of Park Row, says: "To ensure minimal business disruption, we will be offering all our advisers the opportunity to meet 2plan's senior executives to gain a greater understanding of their proposition and the positive impact for their businesses - and also to then attend induction courses over the next few weeks."

Royal Liver has been keen to offload the loss-making Park Row for months and intends to focus instead on its manufacturing propositions progress and Caledonian Life.