Standard Life acquires advisor support firm

The deal gives Standard Life access to more than 500 firms

Edinburgh-based insurers Standard Life have taken over a company that provides advice and support services for Independent Financial Advisers.

Threesixty, headquartered in Cheshire, was already 25% owned by Standard Life, and the firm has announced it is taking ownership of the entire business.

The move links it to a client base of 575 IFA firms, and through them more than 5,000 individual advisers.

Standard Life said the independence of the advisers would be guaranteed.

It is argued the deal should give Standard Life a better understanding of what is happening in the market for financial advice, at a time when it is expected to go through significant changes.

The Retail Distribution Review, carried out by the Financial Services Review, is expected within the industry to mean smaller-scale IFA companies will no longer be able to compete, and there will be widespread consolidation into larger firms.

Threesixty offers IFAs advice and support on compliance with legal and regulatory requirements, as well as selling research and technology consultancy.