Jobs secure as Saffron financial advice team transfers to Towergate

SAFFRON Building Society has transferred the financial planning activities of its subsidiary Saffron Independent Financial Advisers to Towergate Financial.

Towergate, which operates from more than 50 locations across the UK, already provides financial advice on behalf of four major building societies.

Saffron, based in Saffron Walden, said the decision followed an extensive board-level review ahead of the forthcoming Retail Distribution Review by the Financial Services Authority.

The existing team of advisers would transfer to Towergate, ensuring minimal disruption to services, with the deal resulting in “a small financial gain” to the society’s members, it added.

The society said that, since its launch in 2007, Saffrom IFA had built up many strong relationships with clients and each of the existing advisers would continue to serve Saffron’s investment clients under the Towergate Financial banner.

Saffron Building Society chief executive Jon Hall said: “Saffron’s objective was to guarantee the provision of this valuable financial advice service in light of regulatory uncertainty.

“Engaging with Towergate Financial achieves this objective as well as retaining our existing advisors. It’s a credit to the team involved in Saffron IFA that there was such interest in this business reflecting the highest standards in handling our clients.

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“Towergate Financial is an extremely well-respected firm with the necessary expertise and financial strength to complement Saffron Building Society.

“I am glad that their stewardship will provide continuity of quality independent financial advice to our customers, and am wholly confident that our IFA clients will be well-supported though the forthcoming changes to regulation.”

Dan Saulter, chief executive of Towergate Financial, said: “We are looking forward to working closely with Saffron and providing financial advice to its members.

“Our business model, centred on providing great ongoing service, fits perfectly with the culture of the Saffron.

“The building society sector is a strong growth area for Towergate Financial, and with the Saffron on board, we are providing advice across four leading societies and more than 50 sites. We are looking forward to getting started.”