Advisers quit

Abrdn Financial Planning loses more staff

Staff have left the company in recent months (pic: Terry Murden)

Three more senior advisers have resigned from Abrdn Financial Planning, adding to the staff turnover at the Edinburgh-based investment business.

Wealth advisory senior manager Alan Turner, based in Glasgow, and chartered financial planner Debbie Connolly, based in Belfast, are expected to join accountancy firm AAB. An adviser from London is also saids to have resigned.

A spokesperson for Abrdn to trade magazine Money Marketing: “All our planners are talented and on occasions, they are presented with a personal opportunity that allows them to take their careers in a new direction and this is the case here.

“We will be sorry to see them leave but they go with our best wishes.”

Abrdn Financial Planning has lost a number of staff in recent months, including Caroline Gill – former Abrdn head of standards operations and compliance, and Marie Calvin – former Abrdn interim head of client proposition.

Julie Scott stepped down as CEO of 1825, the former name for the personal wealth division, in January 2021. Her successor from Brooks MacDonald Caroline Connellan recently announced she was leaving Abrdn’s personal vector – under which Abrdn Financial Planning sits – after being in post less than a year.

She will be succeeded as chief executive by Interactive Investor (II) CEO Richard Wilson, who will also remain head of II.

Abrdn Financial Planning reported a £2.9m loss in its annual results to 31 December 2021, published on Companies House on 4 August. This compares with a £1.9m loss the previous year.

Parent group Abrdn has just lost its place in the FTSE 100 after seeing its share price fall by more than 40% in the past year.

Abrdn sold Parmenion for £102m to Preservation Capital Partners 18 months ago to cut its losses after the platform failed to make profit between 2018 and 2020.

However, following a revamp of the platform it announced profit of £4.6m in a trading update on 2021 results.

Parmenion shareholders are now looking t sell a significant stake at a valuation of between £300m and £400m.

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