Intermediary network and advice firm Mortgage Advice Bureau (MAB) has taken a 75% shareholding in protection consultancy and service provider Auxilium Partnership.
Auxilium Partnership will continue to be led by CEO Mark Graves who will retain a 25% shareholding in the business.
It is the latest move into the protection market by MAB which also took a majority 75% stake in advice firm Vita Financial in July.
On the latest deal, the firms said the takeover would benefit the directly authorised (DA) firms Auxilium is typically working with.
“The main objective of this new partnership is to help DA firms achieve better performance, which in turn will ensure increased productivity, improved persistency, higher penetration, and better customer outcomes,” they said.
“The Auxilium proposition also embodies what the new Consumer Duty rules stand for – namely, ensuring advisers always act in the best interests of their clients by avoiding foreseeable harm.”
MAB CEO Peter Brodnicki said he believed the time was right to read across all the protection lessons the firm had learned to help the wider DA community, and that the partnership with Auxilium gives the ideal platform to achieve this.
“We look forward to working with Mark to help Auxilium quickly become the partner of choice for those ambitious and forward-thinking firms that see protection being at the heart of their business.”
Graves added he was delighted with the partnership and said it would bring specialist resources and skills to Auxilium that will enable us to strengthen our proposition further and help more DA firms than ever before.
“They are the perfect partner for us and have an unprecedented track record of success,” he said.
“I look forward to working with Peter and the team to build a market-leading protection proposition for leading DA firms.”