Intrinsic network will rebrand to Quilter Financial Planning in July to mirror the branding of its parent.
The announcement that Intrinsic would rebrand was first made in November 2017, after which the network’s owner Old Mutual Wealth Management changed its name to Quilter PLC in May 2018.
Gemma Harle (pictured), managing director of Intrinsic network, said: “it’s about the strength of the group rather than being seen as a disparate group of companies, because everything we do is around advice, whether as a product provider, platform or with face-to-face advisers.”
Intrinsic will engage with its firms, who potentially need to make changes to their own branding as part of the change.
A secondary focus is on helping mortgage brokers become financial planners.
Quilter has a non-profit division called Quilter Financial Adviser School – and Intrinsic subsidises its appointed representative firms to qualify as financial planners.
Harle said that if advisers become financial planners they will be able to provide value to customers even if the remortgage and product transfer markets reduce in the next few years, as they can assist clients in other areas like pensions and investments.
She added: “We are focusing on helping mortgage firms look to the future.
“Product transfers are brilliant and advisers are getting paid well for them but that’s not going to be here forever.
“We’re seeing the size of 5-year fixes; we are doing more of them than before, so the opportunities are getting less and less.
“So we are looking to develop them into financial planners to ensure they are able to keep the customer whatever the financial need is.”
She reckoned advisers are in a good position to support clients owing to the detailed information they need to collect for the mortgage fact find.
The school has been running for 18 months. So far there have been 100 graduates, with the average age being 28 and 35% being women.
Harle said: “It’s a win for the customer, it’s a win for us and it’s a win for the mortgage firm because it builds value.”