The new national advice business will be an appointed representative of Intrinsic and will use the investment expertise of Quilter Cheviot and Old Mutual Global Investors.

Over the next five years, Old Mutual Wealth Private Client Advisers aims to build a national advice service with 10 regional offices, employing about 250 qualified advisers and additional support staff.

The business will expand through client bank acquisitions, strategic partnerships that will allow it to make advice accessible to “underserved segments of the market”, and the recruitment of new advisers trained through the Financial Adviser School. Nigel Speirs will lead the new business as managing director.

{desktop}{/desktop}{mobile}{/mobile}

Old Mutual Wealth chief executive Paul Feeney said: “Financial planning brings immense benefits to individuals, their families and the prosperity of wider society. But too many people are today choosing not to take advice, often with troubling consequences.

“By growing the advice market we can give more people the opportunity to access the benefits of advice. Old Mutual Wealth will play a leading role in strengthening the footprint of advice in the UK.

Intrinsic chief executive Richard Freeman said: “We are delighted to announce the launch of our new national advice business. The new business will allow Intrinsic and Old Mutual Wealth to bring well-controlled, high quality financial planning to customers we have never been able to reach before.”

Mr Speirs added: “I am delighted to have joined Old Mutual Wealth. They are backing advice in the UK by putting their money where their mouth is and improving access to financial planning services for people right across the UK.”

As part of the expansion Intrinsic, part of Old Mutual Wealth, has provisionally agreed to acquire The Financial Adviser School. Intrinsic is in advanced stage discussions with the school’s current shareholder, Sesame Bankhall Group.

The Financial Adviser School launched in 2011. Students study over an 18 month period to attain the CII Diploma in Regulated Financial Planning and the CF6 Mortgage Advice qualification.

In addition to the Financial Adviser School, Old Mutual Wealth will continue to provide exam support to advisers through its Investment Academy, designed for those studying toward their AF4 Investment Planning qualification. AF4 is one of the six modules that make up the Advanced Diploma in Financial Planning, leading to Chartered Financial Planner status.