UK-based Harwood Wealth has confirmed it is putting Network Direct, a group of financial advisers, into administration, leaving the future of around 100 IFAs in the balance.
Network Direct Ltd, which is based in Wolverhampton, England, went into adminstration on Monday 23 November, the company announced. Harwood Wealth acquired the network in 2016 in a deal worth £4m. At the time the Network had some £3bn in AuA.
Earlier this week Adviser Service Holdings confirmed it has already acquired the so-called "future trade" of Network Direct.
We believe Network Direct is full of highly professional advisers who want to provide an excellent service to clients."
Michael Couzens, CEO of Adviser Services, said: "We believe Network Direct is full of highly professional advisers who want to provide an excellent service to clients."
"Because we are network-focused and with our history, we are a natural home for professional, independent advisers. We're delighted that the Adviser Services network community is to be joined by Network Direct advisers and we can assure them and their clients, that we will do everything we can to quickly facilitate their transition."