Aberdeen has entered into an agreement to sell its financial planning business, Aberdeen Financial Planning, to financial advice and planning firm Ascot Lloyd.

The transaction, for an undisclosed amount, is subject to Financial Conduct Authority approval.

Aberdeen Financial Planning is currently part of Interactive Investor, which was acquired by Aberdeen in 2022.

Once completed, the deal will add 6,300 clients to Ascot Lloyd’s client base and approximately £3.6bn of assets under advice.

This will take Ascot Lloyd’s total client number to around 44,000 and increase its assets under advice to £14.5bn.

Around 60 advisers will join Ascot Lloyd as part of the deal, bringing the firm’s total adviser headcount to more than 220.

Aberdeen said it would work closely with Ascot Lloyd to ensure a smooth transition, with Aberdeen Financial Planning to remain as part of the Aberdeen Group until the transaction completes.

The move will see Aberdeen continue to partner with Ascot Lloyd through the provision of its Wrap platform from its adviser business, as well as potential investment solutions.

Commenting on the acquisition, Ascot Lloyd CEO, Francis Jackson, said: “The leadership team and advisers we encountered are highly experienced, skilled professionals who will integrate well into the culture at Ascot Lloyd.

“At the heart of the business we found a team who are committed and focused on the delivery of excellent financial planning and advice and believe the business to be a great fit for Ascot Lloyd, supporting our ambitious growth plans in the market.”

Interactive Investor (ii) CEO, Richard Wilson, added: “Aberdeen Financial Planning has a great team who deliver an excellent service to our financial advice customers.

“While we ultimately concluded that the face-to-face holistic financial advice model is not the best fit with the ii digital platform, we are confident it is well placed to thrive under Ascot Lloyd’s ownership, with a positive cultural fit and a track record of client service through a national organisation of 150 advisers.”

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