The Financial Services Authority has approved Succession Advisory Services as a platform operator.
Succession says that the approval makes it the first company in the UK to own its own national distribution arm and advisory business, as well as owning its own open architecture investment platform, powered by IFDL as its technology and support partner.

Simon Chamberlain, chief executive of Succession, said: "For the first time in history, clients will now be able to give money to their trusted advisor at Succession, who will be able to place the money on a platform on behalf of the client without ever losing control or legal responsibility for the asset or the client relationship.

"The money will be invested on a platform, when in the individual client's best interest, owned by the advisory business where the fund management activity is purely a cost-effective commodity."

Succession believes that the RDR and its transparent fee structures will enhance Succession's growth.

The company has 60 locations with 300 Financial Planners supported by
600 Paraplanners and administration staff, who control over £7bn of assets. Of this some £1bn has now moved onto Succession's matrix and platform, with a further £5bn in funds under management expected to move onto the platform over the next four years. Succession is expected to post circa £2m of profits for 2012.
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