Quilter has spent a great deal of time and effort building its brand, and casting off the Old Mutual Wealth label.
But it has perhaps spent even more on buying Charles Derby and Lighthouse – £28m for the former and £46m for the latter.
What is the reason behind this? “Not nearly enough people are taking financial advice, especially as people are moving towards and planning for retirement.
“As we have moved away from annuities, people need advice about drawdown; they need to make long-term provision for their needs.
“We think financial advice plays a critical role for preparing for retirement and during the course of their retirement.”
But he admits that there can be considerable costs related to the provision of that advice.
As a consequence, while those with £350,000 or more to invest may find the service offered by Quilter Private Client Advisers appropriate, for many others further down the income scale, the advisory service operating under the Quilter Financial Advisers division will suit them better.
And some may be best served by a digital proposition being looked at by Quilter.
Emotional management
Mr Sharkey is a long-time employee, joining when the company was known as Skandia.
His track record in the business was in financial or commercial roles, starting in asset management and moving to general insurance.
Having been a chief finance officer at one of the divisions, how does he find being managing director?
“You have to have far more of a focus on the emotional element, not just the intellectual element,” he says.
“In finance you have a clear focus on the economics. As a managing director you’re responsible for bringing everyone on that journey.
“It’s helpful to have the financial background, but [this job] is also making sure you’re making the right decisions for all of your people.”
Melanie Tringham is features editor of Financial Adviser and FTAdviser.com
