Rathbones’ adviser network Vision Independent Financial Planning (Vision IFP) has promoted Phil Towner to CEO following a three-month strategic review of the business.
Mr Towner is currently head of wealth at the Vision IFP network where he leads strategic development and growth of its wealth management proposition.
Previous roles include 13 years within the Financial Planning team at HSBC.
He will begin his new role in April, following the retirement of current CEO Zoe King. Ms King has been CEO of the network since February 2024. She first joined the Falmouth-based network in 2010 and has held several roles including managing director and chief operating officer.
Mr Towner will report to Rathbones group chief executive Jonathan Sorrell.
Mr Sorrell said Mr Towner will be key to driving the next phase of growth as Rathbones looks to invest further in the network.
The change in leadership is just one of several for Vision IFP in recent months. The network also continues to look for a new chairman, with former Rathbones Financial Planning CEO Tony Overy continuing as interim chair of the network while Rathbones continues the search.
Co-founded by Paul Sweaton in October 2008, Vision IFA is an advice network of 140 self-employed financial advisers. The network has client funds under advice of about £6.9bn.
Vision Independent Financial Planning Ltd is a wholly-owned subsidiary of Rathbones Group Plc. Rathbones bought a fifth of the firm - 19.9% - in August 2015 and bought the remaining four-fifths - 80.1% - in August 2022.
At that time it said: "The acquisition of the remaining stake in the Vision Group is part of Rathbones’ strategy of broadening its distribution and accessing a greater share of new business intermediated by financial advisers." It added: "Vision’s independent status will remain intact."
Rathbones Group is a wealth manager specialising in individuals, charities, trustees and professional partners. It offers discretionary investment management, fund management, tax planning, trust and company management, financial advice and banking services.
Rathbones and Investec Wealth completed a £1bn merger in September 2023. The combined business is now operating under the Rathbones name.
At the time of the deal, the merged company said it would enable it to, “enhance the client proposition across banking and wealth management services for both groups.”
The firm employs more than 3,500 people across UK locations and the Channel Islands.