Shadforths launches dealer services business

Shadforths Financial Group has followed up the merger and rebranding of its 12 foundation advice firms on July 1 with the launch of a dealer services business, Third Party Services, this month.

Third Party Services offers advice firms the benefit of the skills Shadforths gained in merging the advice firms under its best practice ‘Best Advice Project’, while also holding open the door for firms to join the dealer group at a later stage.

Chief executive Tony Fenning said the Third Party Services was part of an initiative under consideration by Shadforths to open up the dealer group to new advice firm membership for the first time in 18 months.

“We are considering that a new group of partners might join the dealer group in one form (of membership) or another over the next year.”

Fenning said these forms of membership include a full merger, which is the basis of membership for the original 12 advice firms, or “something a bit less than a merger”, including via an agreement with Third Party Services.

“Third Party Services exists for advice firms that are not sure yet they want to join our group but want to leverage off our infrastructure, our greater size and to have access to services at a good price.”

He said Third Party Services — which will be headed up by Rob Jones, chief executive of Money Managers, one of Shadforths’ foundation firms — is not really a dealer services business in the sense of the conventional offers available in the marketplace, which tend to concentrate on licensing.

“Third Party Services is more a services supplier, with a greater emphasis on client servicing and practice management, concentrating on things such as incentivising and rewarding your staff, and increasing the value of your services,” he said.