December 2017 Edition

Observatory

Confidentiality Level: Public

The Observatory Report is provided by Matrix Solutions, a Strategic Insight business

Matrix Solutions.co.uk | Strategic-i.com

Tel 020 7074 1200, Fax 020 7074 1201, Reg Number 1934498

Contents

1. All about the Matrix Financial Intermediary Database .................................... 2

2. Executive summary ........................................................................................ 3

3. Financial Services Register firm and individual analysis ................................ 4

4. Matrix Investment Intermediary ...................................................................... 5

5. Networks and Groups ..................................................................................... 6

5.1 Networks ............................................................................................ 6

5.2 Directly authorised firms .................................................................... 8

6. An overview of the Matrix Financial Intermediary Database ........................... 9

6.1 Matrix Investment Intermediaries by region ....................................... 9

6.2 Matrix Investment Intermediaries by segment ................................. 10

6.3 Matrix Investment Intermediaries by sales staff size ........................ 11

6.4 Activity and product breakdown ....................................................... 12

6.5 Contact controlled functions ............................................................. 13

7. Market coverage ........................................................................................... 13

8. Licensing options .......................................................................................... 14

9. Cost summary .............................................................................................. 14

Appendix A – How to read our numbers ............................................................... 15

Appendix B – Financial adviser networks ............................................................. 16

Appendix C – Directly authorised firms and groups .............................................. 17

2

1. All about the Matrix Financial Intermediary Database

The Financial Clarity data universe is powered by Matrix Financial Intermediary Database (MFID), which is the most

comprehensive database of UK financial intermediaries. The database includes over 30,000 registered UK Outlets

across the IFA, mortgage and protection market.

This data is collected from a variety of sources

The FCA Register

A comprehensive list of all firms and individuals who are permitted to sell and give advice on financial products in the UK. All of our subsequent external sources are cross checked against the FCA register, allowing us to provide the most comprehensive, up-to-date, marketing focused list of Financial Intermediaries in the UK.

Research Team

Our dedicated research team verifies new outlets and investigates shifts in the market place. Additionally, we use client case and partner feedback to further enrich our data.

My Local Adviser

My Local Adviser is hosted by Matrix Solutions and is a search directory website for consumers wanting to find financial adviser in their area. Financial advisers can register for free and the information that is provided when creating an account such as geographical, commercial, and administrative details is checked against the FCA register and then added to the database. Matrix Solutions also uses email bounce back from Clarity Update to ensure that the data is clean and up to date.

Collaborators and Publishers

The research team also focuses on the top 500 IFA’s in the UK, of which the top 100 are published annually in FT’s Financial Adviser and Professional Adviser. They also conduct telephone based research such as collecting and confirming the information on financial advisers which further enhances the quality of the database.

For more details please contact the Matrix Client Services Team on 020 7074 1200 or info@matrixsolutions.co.uk, or

visit our website www.matrixsolutions.co.uk.

3

2. Executive summary

Authorised Investment Firms with FCA Investment permission

• October & November saw 290 fewer Appointed Representative firms, resulting in an overall reduction

0f 64 authorised investment firms with FCA investment permissions during 2017.

• The volatility we experienced in the number of AR & DA firms, following 03/2016 Senior Managers

Regime (SMR1) changes continued in 2017, albeit to a smaller degree.

• The number of Registered Individuals (RIs) grew by 3% in 2017, while CF30s increased by 2%, and

we are under the impression that the corrections we saw at the second half of 2016, following the

SMR changes, are concluded.

Matrix Investment Intermediary

• The number of Authorised Firms remained unchanged by large in 2017.

• The number of RIs & CF30s increased at both AR & DA firms.

Networks

• St. James Place Wealth Management plc remains by far the largest Network, with an additional 70

ARs in 2017.

• 92% of ARs in Matrix Investment Intermediaries universe are concentrated in 15 Networks.

• 67% of ARs in Matrix Investment Intermediaries universe are part of one of the top 3 Networks.

• There has been 1 new entry into the top 15 Networks by ARs list in 2017: PI Financial Ltd at the

expense of Validpath Ltd.

• Lighthouse Group has the most RIs (3.5) and CF30s (2.9) per ARs. Vision Independent Financial

Planning Ltd has the fewest RIs per AR (1.2), while Personal Touch Financial Services Group has the

fewest CF30s per AR (0.3)

Directly authorised firms

• True Potential Wealth Management LLP claimed top position in the Groups & DA firms by RIs &

CF30s.

• Morgan Stanley & Co (Cancelled their authorisation with the FCA) and Close Brothers Group exited

the top 15 Directly Authorised Firms list, making way for Fairstone Financial Management Ltd & AFH

Independent Financial Services Ltd .

1 Applies to Banks, PRA-designated Investment Firms, Building Societies, Credit Unions and Incoming Branches of Overseas Banks (also known as

Relevant Authorised Persons (RAPs)

4

3. Financial Services Register firm and individual analysis

The number of authorised investment firms with FCA investment permission saw a 0.85% reduction in the last quarter

of the year, offsetting a smaller increase in the previous 3 quarters. Despite extra Directly Authorised (DA) and

Appointed Representatives (AR) firms in December, the decrease is down to a drop in ARs during November (-153)

and October (-137).

The shift from ARs to DAs we had experienced in 2016, appeared to continue to a smaller extent during 2017,

despite both ARs & DAs recording a growth of 3.5 to 1 in favour of the former during the third quarter.

The number of Registered Individuals (RIs) grew by 3% in 2017, while CF30s increased by 2%. The rise in RIs is

less than half of the one we saw in 2016, due to slower increase in RIs at AR firms over the last year (only 15% of

the increase during 2016).

Authorised Firms Number of Number of Number of Number of Number of Number of

Number of authorised firms  23,913 84 -206 -144 -64 -64

Directly Authorised 12,492 70 70 86 102 102

Appointed Representatives 11,421 14 -276 -230 -166 -166

1YR

Change

All Firms and Registered Individuals

with FCA Investment Permissions Dec 20171 mth

Change

3 mths

Change

6 mths

Change

YTD

Change

Source: Financial Services Register

Please refer to Appendix A in order to better understand our numbers

Overall Registered Individuals 143,526 392 1,157 2,030 4,174 4,174

Number of RIs at DA firms 121,804 299 959 1,630 2,892 2,892

Number of RIs at AR firms 24,966 99 250 453 1,299 1,299

CF30 Individuals 73,428 41 502 902 1,447 1,447

Number of CF30s at DA firms 61,831 0 382 663 909 909

Number of CF30s at AR firms 11,910 37 135 253 527 527

1 mth

Change

3 mths

Change

6 mths

Change

1YR

Change

YTD

Change

* A single registered individual can work for more than one f irm. Thus, the sum of the number of registered individuals at direct ly authorised and appointed representat ive f irms does not match the

overall number of registered individuals. This also applies to the numbers of CF30s

Registered IndividualsDec 2017

5

The volatility we experienced in 2016 in the number of RIs & CF30s, following the SMR changes, seemed to fade in

2017, and we are under the impression that the corrections we saw at the second half of 2016 (+4.7% & 2%

correspondingly) are concluded.

4. Matrix Investment Intermediary

Authorised firms within The Matrix Investment Intermediary2 universe increased by 0.7% in the last 12 months. In

2017, the number of RIs & CF30s at both, AR & DA firms increased. The increase at DA firms is a reverse on the

previous year, when both RIs & CF30s experienced decreases, following the SMR changes.

2 Matrix Investment Intermediary (MII) is an active authorised firm, which has any FCA regulated activities of

Investment and also has active CF30 adviser(s) at the firm or at its appointed representatives.

Overall Authorised Firms 11,305 34 42 71 83 83

Directly Authorised 5,719 18 22 42 30 30

Appointed Representatives 5,586 16 20 29 53 53

Overall Registered Individuals 38,306 49 176 335 428 428

Number of RIs at DA firms 27,517 46 165 288 162 162

Number of RIs at AR firms 11,538 6 26 57 228 228

CF30 Individuals - Customer Facing Staff 32,598 22 192 339 445 445

Number of CF30s at DA firms 23,023 24 167 283 208 208

Number of CF30s at AR firms 9,733 -8 26 55 216 216

Dec 20171 mth

Change

3 mths

Change

6 mths

Change

1YR

Change

YTD

ChangeMatrix Investment Intermediaries

6

5. Networks and Groups

Matrix Observatory monitors market trends. Statistics include the groups3 and networks

4 that have gained or lost the

most RIs, and the RI fluctuations among the networks and directly authorised firms with the highest number of RIs.

5.1 Networks

92% of ARs in Matrix Investment Intermediaries universe are concentrated in the top 15 list below, more than 4.5

out of 10 are part of St. James’s Place Wealth Management plc network alone, over 2/3 are in the top 3 networks,

and ¾ are concentrated in the top 5.

The top 5 Networks, in terms of number of ARs, have kept their ranking positions compared to 2016. Despite

seeing their AR number reduced by 4 over the year, Personal Touch claimed 6th

place from Tavistock (-58 ARs

during 2017 – the highest decrease in the year). PI Financial joined the top 15 list at the expense of Validpath

(Joined 15th with L J Financial Planning with 35 ARs each).

Vision Independent Financial Planning network extended the most in 2017, adding 21 ARs, taking them 4 positions

up the list into 9th place. St. James Place (+70) and Openwork (+22) were the only two other network to add more

ARs in 2017 than Vision.

3 Groups are two or more firms sharing a common ownership.

4 Networks are Directly Authorised firms with ≥ 20 Appointed Representatives.

7

As expected, the rankings order of the top 4 networks in terms of RIs & CF30s mirrors the largest networks list by

ARs. The On-Line Partnership Ltd sits in 5th position based on its 453 RIs (+3 compared to previous quarter), but falls

short of Lighthouse Group’s CF30s (278 against 303).

Vision Independent Financial Planning (12th) has fewer RIs per ARs, which leads its Ranking 3 places down on the

list. Similarly, Personal Touch Financial services Group (9th) & Sense Network Ltd (10

th) RIs per AR ratios result in 3

ranking places relegation. On the other hand, Lighthouse Group (3.5 RIs & 2.9 CF30s per AR) and Caerus Financial

Ltd (3.2 RIs & 2.7 CF30s per AR) climb 4 ranking positions each in the network list.

St. James's Place network grew by 2.5 RIs, with no change to their CF30s numbers from last quarter, bringing their

total increase in 2017 to 8.2% & 4.6% respectively. Tavistock lost 37% of their RIs and a third of their CF30s in 2017,

while the Tenet Group saw a 13% reduction in their RIs.

4,326

2,100

1,195

629

453

367

305

261

241

229

163

122

100

92

81

3,606

1,792

759

589

278

303

258

202

44

169

130

107

83

75

68

St. James's Place Wealth Management plc

Intrinsic Financial Planning Group**

Openwork Ltd

The Tenet Group

The On-Line Partnership Ltd

Lighthouse Group

Caerus Financial Ltd

Best Practice IFA Group Ltd

Personal Touch Financial Services Group

Sense Network Ltd

Tavistock Financial Ltd

Vision Independent Financial Planning Ltd

Harwood Wealth Management Group

PI Financial Ltd

L J Financial Planning Ltd

RIs CF30s

December 2017 data * The number of SJP CF30s includes a proportion of qualified staff not acting as advisors. ** Intrinsic Financial Planning Group excludes Positive Solutions (Financial Services) Ltd prior to August 2016

8

5.2 Directly authorised firms

True Potential Wealth Management LLP (3rd

place in 2016) climbed to the top of the list in 2017, with additional 35 RIs

& 25 CF30s. Brewin Dolphin Ltd remained joint first with a modest 1.6% increase in RIs and dropped to 2nd

position

with a 2.1% CF30s increase.

Fairstone Financial Management Ltd & AFH Independent Financial Services Ltd entered the top 15 list, following

Morgan Stanley & Co Ltd application to cancel their authorisation with the FCA in March 2017. Close Brothers Group,

which held the 15th position in the list in December 2016, came 16

th with 158 RIs & 146 CF30s.

The top 15 groups and DA firms in Matrix Investment Intermediaries universe registered 4.4% & 4.5%

increases in RIs & CF30s respectively, during 2017. Prudential Financial Planning Ltd added the most RIs (+40;

+13%), and Succession added the most CF30s (+43; +24%) in 2017. At the other end, Charles Stanley & Co Ltd

experienced the largest reduction in RIs (-4.8%) & CF30s (-5.4%).

Furthermore, in the last 12 months, only 3 of the Top 15 Groups experienced decrease in their RIs (Investec,

Charles Stanley and Towers Watson), and only 2 suffered CF30s head-counts decline (Charles Stanley and

Quilter Cheviot).

In 2017, the top 15 list recorded an overall extra 167 RIs and 164 CF30s, compared to 261 reduction in RIs and

228 fewer CF30s in 2016.

1 True Potential Wealth Management LLP RIs 0 -6 3 35 35 9 Mercer Ltd RIs 4 5 10 1 1

CF30s -3 -12 -6 25 25 CF30s 3 5 10 0 0

2 Brewin Dolphin Ltd RIs 3 7 5 7 7 10 Towers Watson Ltd RIs -3 -2 -6 -2 -2

CF30s 2 7 9 9 9 CF30s -3 -5 -6 0 0

3 Investec Group RIs -3 -2 3 -2 -2 11 Quilter Cheviot Ltd RIs 0 6 3 9 9

CF30s 1 0 8 1 1 CF30s 0 5 2 -1 -1

4 Prudential Financial Planning Ltd RIs 11 24 32 40 40 12 2 Plan Wealth Management Ltd RIs -4 9 11 4 4

CF30s 5 22 30 36 36 CF30s -1 9 9 2 2

5 Charles Stanley & Co Ltd RIs 0 -1 -2 -14 -14 13 Redmayne-Bentley LLP RIs 1 1 2 4 4

CF30s -2 -3 -5 -15 -15 CF30s 0 0 1 5 5

6 Succession RIs 6 -4 9 30 30 14 Fairstone Financial Management Ltd RIs 0 -5 3 9 9

CF30s 6 2 14 43 43 CF30s -1 -5 3 11 11

7 Towry Group RIs -2 -8 -16 14 14 15 AFH Independent Financial Services Ltd RIs -5 -5 3 19 19

CF30s -2 -4 -10 18 18 CF30s 0 -4 3 19 19

8 Barclays Group RIs 1 0 0 13 13

CF30s -2 -2 -2 11 11

*Refer to Appendix C for group members

6 mths

Change

1YR

Change

YTD

Change

YTD

Change

Top 15 Networks Matrix Investment

Intermediaries

Number

of

1 mth

Change

3 mth

Change

Top 15 Networks Matrix Investment

Intermediaries

Number

of

1 mth

Change

3 mth

Change

6 mths

Change

1YR

Change

9

South East 17%

Greater London

13%

North West 10%

South West 11%

East of England

10%

West Midlands

8%

Scotland 8%

Yorkshire and The Humber

8%

East Midlands

6%

Wales 4%

North East 3%

Northern Ireland

2%

Channel Islands

0%

Isle of Man 0%

6. An overview of the Matrix Financial Intermediary Database

The data within MFID is viewable in powerful and different ways. Below is a glimpse into how the data can be

organised to provide an in-depth overview of UK financial intermediaries, and to provide a solid foundation from which

to select data in line with your desired target audience.

6.1 Matrix Investment Intermediaries by region

The concentration of financial intermediary outlets across the different regions has remained unchanged throughout

the past year, with a total of extra 488 outlets, mainly Head Offices, compared to 2016. We have also increased our

coverage with an additional 4,016 contacts & e-mail addresses during 2017.

The table below compares the top ten most populated investor counties against the number of financial intermediaries in

the same area and shows the penetration of IFAs to potential customers and the average number of investors5 per IFA.

5 Number of Investors according to the Matrix Investor Database – for more information please visit the Investor Database page on

our website at www.matrixsolutions.co.uk

Values

County Investors Outlets Pen Investor / IFA

Greater London 314,661 1,986 0.63% 158

Hampshire 74,884 451 0.60% 166

Surrey 71,202 464 0.65% 153

Kent 63,703 513 0.81% 124

West Yorkshire 61,085 539 0.88% 113

Greater Manchester 60,007 606 1.01% 99

Essex 57,875 442 0.76% 131

West Midlands 53,026 494 0.93% 107

Hertfordshire 52,660 394 0.75% 134

Gloucestershire 43,395 288 0.66% 151

Grand Total 852,498 6,177 7.69% 1336

0

1000

2000

3000

4000

5000

6000

7000

SouthEast

GreaterLondon

SouthWest

NorthWest

East ofEngland

Scotland WestMidland

s

Yorkshire andThe

Humber

EastMidland

s

Wales NorthEast

NorthernIreland

ChannelIslands

Isle ofMan

Total Outlets 2658 1977 1765 1642 1567 1341 1300 1205 1023 652 510 382 18 5

Head Office 1867 1515 1134 1211 1097 887 888 846 745 463 351 288 0 0

Branch 791 462 631 431 470 454 412 359 278 189 159 94 18 5

Contacts 4933 6193 3815 3270 3076 2641 2361 2504 2011 1094 1039 703 55 13

Emails 3819 4719 3107 2544 2389 2108 1860 1960 1520 790 844 551 49 12

10

6.2 Matrix Investment Intermediaries by segment

A look at the number of Matrix Investment Intermediary outlets, email addresses and contacts by segment reveals an

overall increase from last month. An exception of small amount of branch closures for ARs & Network Heads resulted

in a slim reduction in contacts. The below chart also shows the relative size of each market segment.

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

IFA NetworkMember

Small Firms Large IFAs Nationals Multi-office AppointedReps

IFA NetworkHead

NetworkHead

Total Outlets 5695 3598 1928 1685 1624 852 709 2

Head Office 4859 3598 994 90 1007 727 29 1

Branch 836 0 934 1595 617 125 680 1

Contacts 8475 6117 8071 5750 2839 1441 1070 3

Emails 5581 4282 7058 5131 2216 1089 962 3

* Network - Directly Authorised firms with ≥ 20 Appointed Representatives; Small Firms - Active firms with active outlets

(including outlets belonging to the firm’s Appointed Representatives) in one location and with < 15 Registered Individuals

(including ones belonging to the firm’s Appointed Representatives); Large Firms - Firms with active outlets (including

outlets belonging to the firm’s Appointed Representatives) in one location and with ≥ 15 Registered Individuals (including

Registered Individuals belonging to the firm’s Appointed Representatives); M ulti-office- Firms with between 2 and 9

inclusive active outlets (including outlets belonging to the firm’s Appointed Representatives) in more than one location;

Nationals - Active firm with ≥10 outlets (branches), or firms with ≥ 5 outlets in more than one location and with ≥70 more

registered individuals.

-400 -300 -200 -100 0 100 200

IFA Network Member

Small Firms

Large IFAs

Nationals

Multi-office

Appointed Reps

IFA Network Head

Network Head

Change since last month

11

6.3 Matrix Investment Intermediaries by sales staff size

The below chart summarises the number of Matrix Intermediary outlets, email addresses and contacts split by banded

number of advisors (Financial Services Register customer function and Non-Financial Services Register sales staff)

which demonstrates the sales size of each outlet.

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

0 1 2 3 4 5 6 to 10 11 to 20 21 to 50 51 to 100 101 to 250 251 to 500

Total Outlets 201 6891 2510 1163 788 479 1018 709 631 362 763 578

Head Office 133 6462 2106 931 524 279 533 196 79 31 23 8

Branch 68 429 404 232 264 200 485 513 552 331 740 570

Contacts 342 8105 4454 2670 2193 1496 3932 2780 1937 1723 2349 1785

Emails 275 4783 3211 2027 1872 1278 3422 2471 1776 1482 2145 1580

-200 -150 -100 -50 0 50 100 150

0

1

2

3

4

5

6 to 10

11 to 20

21 to 50

51 to 100

101 to 250

251 to 500

Over 500

Change since last month

12

6.4 Activity and product breakdown

This summarises the number of Matrix Intermediary outlets, email addresses and contacts by business and

advisory areas. The table below shows the number of firms that offer advice in each of the products.

Please note that these figures only apply to the Matrix Investment Intermediary universe, and so do not include pure

mortgage or pure insurance brokers. If you require statistics on these please contact the Matrix Client Services Team

on 020 7074 1200 or email us at info@matrixsolutions.co.uk.

Total Outlets Head Office Branch Contact Emails

Insurance

Commercial Lines 383 306 77 1,015 832

Personal Lines 574 458 116 1,452 1,226

Investments

Annuities 1,370 1,060 310 3,821 3,232

Corporate Finance 516 402 114 1,737 1,552

Direct Investments 4,763 4,617 146 15,837 12,965

EIS 702 590 112 2,541 2,195

Ethical Investments 1,105 851 254 3,595 3,093

Investment Bonds 7,643 6,628 1,015 21,338 17,087

Investment Trusts 6,610 5,700 910 20,296 16,602

ISAs 7,515 6,523 992 20,986 16,881

Life Assurance 7,025 6,624 401 19,279 15,159

Management of Investments 874 685 189 3,642 3,066

Offshore Investments 6,468 5,640 828 19,812 16,159

Property Investments 522 396 126 1,696 1,511

Retirement Planning 5,886 5,586 300 16,860 13,392

Structured Products 2,744 2,514 230 10,679 8,885

Tax Efficient Investments 1,257 1,048 209 4,042 3,447

Traded Endowments 802 744 58 2,944 2,477

Unit Trusts 9,569 8,511 1,058 24,424 19,096

VCT 1,082 890 192 4,074 3,510

Mortgages

Commercial Mortgages 1,666 1,379 287 5,205 4,288

Equity Release 3,967 3,720 247 11,934 9,808

Residential Mortgages 4,012 3,329 683 11,762 9,748

Pensions

Group Pensions 7,676 6,736 940 21,608 17,322

Personal Pensions 9,513 8,444 1,069 24,085 18,860

SIPP 7,885 6,920 965 21,996 17,689

Protection

Group Protection 3,113 2,713 400 11,317 9,557

Long Term Care 1,105 951 154 3,971 3,344

Personal Protection 8,461 7,365 1,096 21,491 16,746

13

6.5 Contact controlled functions

This summarises the number of FCA regulated individuals at Matrix Investment Intermediary firms along with the

number of email addresses available for each controlled function (CF).

7. Market coverage

The following chart shows the number of contacts and the continual increase in the number of outlets in the Matrix

Investment Intermediary Database from April 2016.

Function With Email Without Email

CF1 Director 7,431 2,246

CF3 Chief Executive 401 73

CF4 Partner 1,622 649

CF10 Compliance Oversight 3,635 905

CF30 Customer Function 17,973 3,672

14

8. Licensing options

There are a number of products and services through which you can access the data and we have developed three

different packages to suit our clients’ needs:

ONE-OFF - Data rental for a one-off campaign is ideal if you’re planning a single mailing or email broadcast. Examples of

this include new product launches, directing prospects to your website or simply reminding the market of your

competitive products. For physical mailings, we’ll provide you with the data cut on an Excel spreadsheet, and it will

include fully researched details of your prospects’ contact name, job title, outlet address, telephone number and more.

For email broadcasts, we’ll assign you a dedicated campaign manager who will execute your required campaign from

inception to delivery, providing you with immediate reports on open and click-through rates to help you maximise your

new opportunities.

MULTI-USE - This is best when you require use of a subsection of the database more than once in a campaign, for

example when sending out an initial mailing followed up by a series of reminder messages. Similarly to the data rental

option, this works well with a series of postal mailings, or up to six email campaigns which one of our experienced

campaign managers will execute from start to finish.

ANNUAL LICENCE - If you require access to the whole database on an on-going basis, our Adviser Connect

programme is the best option for you. Our annual licence is also available for use in bespoke solutions involving CRM

integration and Single Intermediary Views. Please contact us for more details.

Clients who take out our annual licence will receive training and secure online logins to Adviser Connect, our

proprietary database application. Adviser Connect allows you to fully search the whole database and to create your

own exportable email and mailing lists.

9. Cost summary

The various options for rental or purchase are outlined here

POSTAL EMAIL6

ONE-OFF £350 PER THOUSAND CONTACTS £450 PER THOUSAND CONTACTS

MULTIPLE-USE FROM £1200 PER THOUSAND CONTACTS7 FROM £1500 PER THOUSAND CONTACTS

ANNUAL LICENCE £20K PER ANNUM WITH ADVISER CONNECT ACCESS TO ONE MODULE. ADDITIONAL MODULES ARE AVAILABLE AT £6K PER ANNUM

8

NB: each data file sent is subject to a £50 file production fee.

For further details on any of these products, please contact the Matrix Client Services Team on 020 7074 1200 or

email us at info@matrixsolutions.co.uk.

6 Price will depend on the information provided.

7 Setup and reporting fee of £500 applied per email broadcast. All prices are exclusive of VAT.

8 There are three modules available: Investment, Mortgage or Unrestricted.

15

Appendix A – How to read our numbers

The number of firms and contacts shown in the tables and charts in the following sections are based on the Matrix

Investment Intermediary universe.

A FCA regulated firm is classified as a Matrix Investment Intermediary when

it is FCA authorised to conduct retail investments regulated activities

at least one of the firm’s approved individuals carries out CF 30 Customer Function controlled function

it has been reviewed and approved as an Intermediary Firm by the Matrix Research team.

Therefore, please note the following points:

non-investment firms and their registered individuals are automatically excluded from our Matrix Investment

Intermediary universe counts

only FCA Registered Individuals are considered. Therefore, unregistered mortgage, general and life advisers

are not included in Matrix Observatory’s statistics

non-advising CF30s will be counted and reported. The number of CF30 individuals is solely the sum of a firm’s

approved persons and appointed representatives with a CF30 controlled function. No further checks on the

individual’s financial adviser qualifications are considered.

The reader should also consider that

the Observatory reports changes in the market occurred in the previous calendar month

non-regulated Corporate Groups structure may not be immediately reflected in Matrix database and

consequently in the present report.

In its effort to offer the most comprehensive and accurate database in the market, Matrix Solutions welcomes any

feedback or insight from its clients or the wider industry. Please do not hesitate to contact us via the Matrix Client

Services Team on 020 7074 1200, by email at info@matrixsolutions.co.uk, or via our website

www.matrixsolutions.co.uk.

16

Appendix B – Financial adviser networks

The following table delineates the networks of financial advisers that are members of a group and are included in the

figures presented in section 3.1 – Networks

COMPANY NAME GROUP COMPANIES

Harwood Wealth Management Group Network Direct Ltd

Intrinsic Financial Planning Group

Intrinsic Financial Solutions Ltd; Intrinsic Financial Planning Ltd;

Intrinsic Independent Financial Solutions Ltd; Intrinsic Mortgage

Planning Ltd; Intrinsic Wealth Ltd; Positive Solutions (Financial

Services) Ltd

Lighthouse Group

Lighthousewealth Ltd; Lighthouse Financial Advice Ltd;

Lighthouse Advisory Services Ltd; The Falcon Group Ltd;

Financial Services Advice & Support Ltd; Lighthousecarrwood

Ltd

Openwork

Metlife Europe Services Ltd; Openwork Market Solutions Ltd;

Openwork Ltd; Metlife Pension Trustees Ltd; 2 Plan Wealth

Management Ltd; Metlife Europe Insurance Ltd; Metlife Europe

D A C; Openwork Access Ltd

Personal Touch Financial Services Group

Personal Touch Financial Solutions; Personal Touch Mortgages

(Lincs) Ltd; Personal Touch Financial Services Ltd; PTK Ltd;

Personal Touch Financial Services (Solent) Ltd; John Atton

St. James's Place Group

St James's Place UK plc; St James's Place Investment

Administration Ltd; St. James's Place Wealth Management plc;

St. James's Place Unit Trust Group Ltd; St. James's Place

Wealth Management (Pcis) Ltd; St James's Place International

plc

Tavistock Financial Limited Abacus Associates Financial Services Ltd; Tavistock Financial

Ltd

The Tenet Group Tenetconnect Services Ltd; Tenetlime Ltd; Tenetfinancial

Solutions Ltd; Tenetconnect Ltd

The On-line Partnership Ltd Whitechurch Securities Ltd; The Whitechurch Network Ltd

Through its researches Matrix Solutions gathers and validates intelligence and constantly works on keeping this

information accurate and up-to-date. For further details on how to enhance your existing data, please contact the

Matrix Client Services Team on 020 7074 1200 or email us at info@matrixsolutions.co.uk.

17

Appendix C – Directly authorised firms and groups

The next table presents the list of the directly authorised firms that belong to a group and whose number of registered

individuals was summarized in section 3.2 – Directly authorised firms.

COMPANY NAME GROUP COMPANIES

Barclays Group

Oak Pension Asset Management Ltd; Gain Capital UK Ltd;

Barclays Asset Management Ltd; Barclays Insurance Services

Co Ltd; Barclays Stockbrokers Ltd; Barclays Bank Ireland plc;

Barclays Capital Securities Ltd; Barclays Insurance (Dublin) Ltd;

Gerrard Financial Planning Ltd; Clydesdale Financial Services

Ltd; Gerrard Investment Management Ltd; Barclays Bank plc;

Barclays Courtage; Barclays Bank S A; Barclays Patrimoine;

Barclays Private Clients International Ltd; Barclays Mediador

Operador de Banca Seguros Vinculado, S A; Equistone Partners

Europe Ltd; Barclays Bank Trust Co Ltd; CNP Barclays Vida Y

Pensiones Compania de Seguros S A; Barclays Assurance

(Dublin) Ltd

Charles Stanley Group CS Financial Solutions (Csfs) Ltd; Charles Stanley & Co Ltd

Close Brothers Group

Winterflood Securities Ltd; Place Campbell Close Brothers Ltd;

Close Brothers Seydler Bank AG; Close Asset Finance Ltd;

Chartwell Funding Ltd; Close Investments Ltd; Close Asset

Management (UK) Ltd; Chartwell Healthcare Ltd; Close Motor

Finance Ltd; MacKay Stewart & Brown Ltd; Close Brothers Ltd;

Close Asset Management Ltd; Daiwa Corporate Advisory Ltd

Investec Group

Investec Wealth & Investment Trustees Ltd; Bellecapital UK Ltd;

Investec Wealth & Investment Ltd; Investec Asset Management

Ltd; Williams de Broe Ltd; Investec Fund Managers Ltd; Investec

Bank plc

Mercer Group Mercer Ltd

Morgan Stanley Group Morgan Stanley & Co Ltd; Morgan Stanley & Co International plc

Old Mutual Group Quilter Cheviot Ltd

Openwork 2 Plan Wealth Management Ltd

Prudential Group

Prudential Financial Planning Ltd; The Prudential Assurance Co

Ltd; Prudential Unit Trusts Ltd; M&G Real Estate Ltd; Vitality

Health Insurance Ltd; Vitality Corporate Services Ltd; M & G

Securities Ltd; M & G Financial Services Ltd; M&G International

Investments Ltd; Prudential Lifetime Mortgages Ltd; M&G

Alternatives Investment Management Ltd; M&G Investment

Management Ltd; Prudential International Assurance plc;

Prudential Pensions Ltd; Vitality Health Ltd; Prudential

Distribution Ltd

18

Succession

Squirrel Pfa Ltd; Finch Commercial Insurance Brokers Ltd;

Richard Bamber & Co Ltd; Boler Wiseman Financial Services Ltd;

Holyrood Asset Management Ltd; Firth & Scott (Insurance

Brokers) Ltd; Squirrel Wealth Ltd; Caledonia Financial Planning

Ltd; Berkeley Burke Sipp Administration Ltd; Insight Financial;

Berkeley Burke Wealth Management Ltd; Berkeley Burke

Financial Services Ltd; Kingsland Wealth Management Ltd;

Millfield Osceola Financial Consultancy Ltd; Insight Financial

Associates Ltd; E S Walton & Co Ltd; Berkeley Burke & Co Ltd;

Succession Wealth Management Ltd; Squirrel Wealth

Management Ltd; Succession Financial Management Ltd; Norris

& Fisher Independent Financial Services Ltd; Confidel Ltd; Affinity

Independent Management Ltd; Sigma Wealth Strategies Ltd;

Parkgate Financial Services LLP; Xentum Ltd; Lanyon Astor

Buller Ltd; TMS Financial Solutions Ltd; Affinity Independent Ltd;

Succession Benefit Solutions LLP; Independent Insurance

Advisers (Cheltenham) Ltd; Michael Moore Insurance Brokers

Ltd; Michael Moore Life & Pensions LLP; Richard Bamber & Co

(Mortgages) Ltd; Oakley Financial Solutions Ltd; Berkeley Burke

Macartney & Dowie Ltd; Langham Pensions & Investments Ltd;

Succession Advisory Services Ltd; Lyndhurst Financial

Management Ltd; Firth & Scott Financial Services Ltd; Fiducia

Wealth Management Ltd; South West Brokers Ltd; Sigma Asset

Management Ltd; Insight Private Finance Ltd; Ainsworths

Financial Services Ltd; Alchemy Advisory Services Ltd; Facts

Financial Ltd; Beaumont Robinson Ltd; Affinity Individual

Mortgage Services Ltd; Wessex Investment Management Ltd;

Clearwater Wealth Management LLP; Total Financial Solutions

(UK) Ltd

Towry Group

Towry Fund Managers Ltd; Towry Investment Management Ltd;

Towry Pension Trustees Ltd; Towry Ltd; Townends Wealth

Management Ltd; Baker Tilly Financial Management Ltd; Towry

Asset Management Ltd

True Potential Group True Potential Investments LLP; True Potential Associate

Partners Ltd; True Potential Wealth Management LLP

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information accurate and up-to-date. For further details on how to enhance your existing data, please contact the

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