Abrdn has appointed a new head for its advice arm with existing CEO Caroline Connellan stepping down after less than a year in the role.

Richard Wilson, CEO at Interactive Investor (ii) - which has been acquired by Abrdn for £1.49bn - will take on an expanded role as CEO of Abrdn’s Personal Vector advice business.

The Personal Vector includes Financial Planning, digital retirement advice, discretionary wealth and ISA and digital investing.

Ms Connellan joined Abrdn in October 2021 as CEO of the Personal Wealth business and is stepping down for personal reasons. She joined from wealth manager Brooks Macdonald Group where she had been CEO since April 2017.

Abrdn CEO Stephen Bird said: “Caroline joined us last year, and in that time has made a real difference to this strategically important part of our business.  With a relentless focus on delivering for our clients, she has built a strong foundation from which we will continue to transform and grow. I want to thank Caroline for the impact she has had in the Personal Vector and for the leadership she has shown across the wider business agenda.

“Under our strategy, we have identified the growing UK wealth market as a key area for investment and expansion, and the recent acquisition of Interactive Investor demonstrates our commitment and transforms our presence in this market. Since ii became part of Abrdn, Richard and Caroline have been working collaboratively on areas of shared opportunity and growth, and we see significant opportunities to continue to expand our capabilities and services to customers. 

“Richard’s proven experience, client focus and leadership skills will allow us to deliver the growth synergies the acquisition of ii makes possible and continue accelerating the delivery of our ambitions. By joining up our current offerings, from hi-tech DIY investing through to hi-touch financial advice, we can offer a seamless client journey that will meet our purpose of enabling our clients to be better investors.

“Caroline leaves with our best wishes for the future and our thanks for her significant contribution to the business.”

Mr Wilson will take on overall leadership of the Personal Vector and the company will be moving Financial Planning, Discretionary and Digital Solutions under his leadership following Ms Connellan’s departure.