All national IFA Park Row’s 240 advisers have now left the company, which has begun its planned solvent wind-down.
The Royal Liver-owned company shut to new business at 5pm on 13 November but a team has remained to oversee the wind-down process.
Plans for a bulk transfer of the firm's 240 advisers to 2Plan Wealth Management fell through at the eleventh hour last month, so only a handful have now joined the up-and-coming national adviser.
A spokesman for Park Row say the "lion's share" of advisers have joined Personal Touch Financial Services, with others going to Tenet, Positive Solutions and their "local brokerages".
The future of Park Row has been the subject of speculation for months. Royal Liver Assurance agreed a £16.7m deal for the distribution business in 2003.
In August, Royal Liver announced it was "considering carefully" the future of its investment in Park Row after the IFA posted a bigger-than-expected £2.17m loss for the first six months of the year.
The company posted a turnover of £4.3m to the end of June, less than 70% of its anticipated budget.
A spokesman for Royal Liver said at the time it intends to focus its efforts on its manufacturing propositions, Progress and Caledonian Life.
Comments
Turnover Vs Numbers
I would have thought that turnover for Park Row relates to commission income and not premium income.
Posted by: Steve
Turnover vs Numbers
June isn't the year end is it, so it may be £17,000 average per adviser over 5 or 6 months of the year.
Posted by: Brendan
Related articles
Most Read
Audio / Visual
With the industry's biggest fund managers, IFAonline welcomes you to the media centre.
Ensure you never miss another story by following IFAonline regularly updated news feed on Twitter.
Events
Poll
|
|
Related Information
Job search
Adviser Careers will open the right investment career path for you. Search hundreds of vacancies on www.advisercareers.com now
In Focus
Newcastle IS , a dedicated service for Independent Financial Advisers and intermediary networks, has launched a new market leading range of Fixed Rate Bonds offering rates of up to 3.25% Gross/AER plus generous upfront commission rates for IFAs.
Viewpoints
For investment professionals only. Not approved for use with customers.
sponsored by
Turnover Vs Numbers
Can somebody confirm this. Park Row had a turnover of £4.3m to June and employed 240 advisers according to the article. That means each adviser wrote, on average, around £17,000 of new business each last year???
Posted by: Mark