Aberdeen has agreed to sell its financial planning arm, Aberdeen Financial Planning, to national advice firm Ascot Lloyd.
The move is part of Aberdeen’s strategy to simplify its business and focus on its three core divisions: interactive investor (ii); Adviser; and Investments.
Jason Windsor, CEO of Aberdeen Group, said: “Today marks another step forward in our efforts to simplify our business so that we can focus on our ambition to become the UK’s leading wealth and investments group.
“These actions are part of our drive to improve performance and execute on our plan.”
Aberdeen Financial Planning sits within the group’s interactive investor business.
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Interactive investor CEO Richard Wilson said the team had delivered excellent service but that a face-to-face advice model was 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,” he said.
Aberdeen will continue to work with Ascot Lloyd through its Wrap platform and potential investment solutions.
Francis Jackson, CEO of Ascot Lloyd, described the acquisition as “a major milestone” for the firm.
“The leadership team and advisers we encountered are highly experienced, skilled professionals who will integrate well into the culture at Ascot Lloyd,” he said.
“At the heart of the business we found a team committed to delivering excellent financial planning and advice.”
