Wealth manager St James’s Place has acquired the Scottish financial adviser firm Policy Services Ltd, a long-standing admin supplier to the company, for an undisclosed sum.

The Personal Finance Society’s e-mentoring initiative called ‘Connect’ has recruited more than 1,000 mentors and mentees since its launch in the summer.

The scheme enables members to form ‘mentorship connections’ with other professionals at any point of their career anywhere across the globe.

The professional body, which has 40,000 members, says that the scheme creates “the potential for a truly international united Financial Planning profession.”

Connect mentor and mentee Alasdair Walker, a Chartered Financial Planner at Hunter Aitkenhead and Walker, said: “It is really hard to overstate how important I think mentoring is. I advise any personal finance professional to do it.

“It can be difficult for people to find mentors outside of their organisation but Connect is full of professionals that not only have the experience you could need but have also put up a signal saying: ‘I am willing to help you.’

Adam Owen, president of the PFS, has signed up to Connect as a mentor and mentee.

He said: “The great thing about the adviser community is that people are very keen to share their experience. Connect gives people the opportunity to do that in an environment that is moderated and offers a platform for people to find the right person at the right time for their professional needs.

“The platform offers a gentle introduction, the opportunity for both parties to make a decision as to whether they are right for each other, and then a process that takes you through step by step to the point at which you can reach a conclusion. People can commit for a period of time that is right for them.”

Keith Richards, chief executive of the Personal Finance Society, said: “Soft skills development is a key area of focus to support the professional development of both new and experiences members to enhance the delivery of their technical knowledge. There can be little substitute for experience and often both the provider and receiver of mentoring gain as much from the experience which is evident in the feedback already being received.”

“The benefit of using a digital platform means that relationships are not restricted to the UK alone and our affiliation with the European Financial Planning Association will allow professional advisers to remain united, irrespective of the ultimate outcome of Brexit.”

Personal Finance Society members can register to be a mentor or mentee with Connect at https://www.thepfs.org/membership/benefits/connect/

Female-focused Financial Planning firm Addidi Wealth is to become part of growing Financial Planner Progeny.

Defined Benefit pension schemes have seen major improvement in their deficits with 46% now in surplus - partly helped by a fall in life expectancy reducing liabilities.

The number of Defined Benefit transfers fell in November as transfer values slipped, according to the latest XPS Transfer Watch.