The company has kick-started its acquisition programme with the purchase of Pearson Jones for £1.1bn from Skipton Building Society.
It said it plans to grow the wholly-owned, UK-wide, advice business with the further acquisition of “progressive financial advice firms which align well with [its] operating model”.
A spokesperson from the life company declined to disclose any further details on the acquisitions.
The proposition will be delivered face-to-face, on the phone and through digital services.
It will receive compliance and support services from Threesixty, an intermediary support services company acquired by Standard Life in 2010.
Steve Murray will lead the new business as part of his current position as managing director of advice, strategy and strategic investments at Standard Life.
The purchase of Pearson Jones, which has 39 advisers and focuses on North England, is expected to be completed in the second quarter of this year, subject to regulatory conditions.
In 2010, Standard Life sold its 20% stake in advice firm RSM Bentley Jennison, which it acquired in 2008, stating that it wanted to put “clear blue water” between itself as a provider and conduit for professional advice.
Barry O’Dwyer, managing director at Standard Life, acknowledged the change of direction, stating that its latest move into advice has been in planning since the pension reforms were announced in last April’s Budget.
“Our entry into the advice industry has been driven by two main factors,” he said. “Firstly, as a consequence of RDR, advisers are servicing fewer clients, leaving many without access to advice. Secondly, the pension reforms next year will mean that many more people will require advice upon retirement, more than the industry can currently handle. These factors combined will create a gap that Standard Life is looking to fill.”
In November last year, Standard Life International announced that it was closing its office in the Dubai International Financial Centre from January this year “following changes in the regulatory landscape and resulting environment”.
It added that it will be contacting all customers with an in-force savings and investment plan to offer them a closure value – this will include an 8% enhancement which will be paid into their plan.
