Belfast-based Carrington Wealth Management has unveiled plans to leave network Paradigm Financial Advisers and become directly authorised in an effort to maintain its independent status in the retail distribution review (RDR) world.
Carrington senior partner Steve Laird (pictured) said the move to become directly authorised by the Financial Services Authority would ensure the firm could advise on any type of product.
‘We want to control our own destiny,’ he said. ‘We would like to be what I would describe as “fully independent”. Paradigm would argue it has an independent proposition but I can’t advise my clients in Spain on qualifying recognised overseas pension schemes, for example, no matter how well advised I am.’
Laird added that advisers in the Paradigm network were not allowed to use capital-at-risk structured products, and enterprise investment schemes and venture capital trusts could only be recommended via Octopus Investments.
In October 2012 Paradigm Financial Advisers was acquired by Keith Carby’s Caerus Capital Group. Laird said this was also a factor in the firm’s decision to leave the network.
As part of the move, Carrington will launch a range of risk-rated model portfolios. There will be a passive version, an active and passive mix, and a portfolio that contains investment trusts.‘We realised that we could do it just as well as other professionals,’ said Laird.