Schroders-owned adviser acquisition firm Benchmark Capital has hired former Sandringham Partners chief executive Tim Sargisson as the new managing director of its Financial Planning arm.

The appointment is subject to FCA approval.

Mr Sargisson will replace Peter O’Sullivan, who is retiring after a 36-year career in Financial Planning, the last six with the Schroders group.

Mr Sargisson has more than 20 years’ experience in wealth and Financial Planning. He was chief executive of Sandringham Financial Partners from 2015 until 2022, when it was taken over by M&G.

He will oversee Benchmark’s Financial Planning arm as it continues to build a presence across the UK through succession planning options and organic growth.

He said: “Over the last seven years, as a Benchmark’s client, I’ve worked closely with them and seen first-hand their professionalism and commitment to the adviser community and the delivery of excellent client outcomes through the power of technology. To now be part of that is something special.”

Benchmark managing director wealth Ed Dymott said: “We are rapidly growing our national footprint and Tim will now lead that part of our business.

“Our proposition is resonating strongly in the market, and our Financial Planning business has provided more than 40 firms with options for their succession planning. We have our best ever pipeline of advisers wanting to join Benchmark for a secure and long-term home for their clients through our succession planning options, which include an exit into our Financial Planning arm.”

Benchmark is a wealth management company owned by Schroders that provides a range of technology, platform, investment and network solutions to financial advisers. It says the business supports more than 1,000 financial advisers and its platform manages more than £18bn in assets.

Benchmark is steadily acquiring Financial Planning firms. In November last year it acquired a 49% stake in West Midlands-based Chartered Financial Planning firm Chartered Independent. Benchmark also last year completed its 100% acquisition of Milton Keynes-based IFA Advison under the firm’s buy-out programme.

In March it bought Chartered Financial Planners Kennedy Independent Financial Advice (KFA) in Derry to expand its presence in Northern Ireland.