Cheshire-based IFA Clarion has split its business into two divisions, a financial planning arm and a discretionary fund management service.
The two new divisions are called Clarion Wealth Planning and Clarion Investment Management, and will work under the same parent.
Clarion managing director Ron Walker said the move aimed to improve transparency to clients and help grow the business.
‘In order to make the most of this opportunity [the retail distribution review] we felt it was necessary to clarify for clients the precise basis upon which we provide them with independent financial advice,’ he said.
‘We decided the best way to do this was for all of our financial planning and intermediation services to be provided through one company with – [and] where appropriate for a client’s particular circumstances – discretionary investment management carried out by a separate, distinct corporate entity.’
Walker added this would add transparency when it came to fees, structure and the levels of service clients received.