The decision to close Thinc Network Services and Thinc Assured Network follows a strategic review which concluded that businesses not carrying the Bluefin brand didn’t fit with overall business strategy.
The partnership between Bluefin and Sesame means that Thinc network members can continue to operate as wholly independent businesses with business support services from Sesame.
Bluefin is keen to stress that members are under no obligation to transfer to Sesame.
The two Thinc networks have a combined total of 149 member firms made up of around 290 advisers.
Gregg Taylor, managing director of financial Advice at Bluefin Advisory Services, says: “The decision for Bluefin Advisory Services to close its network operations is entirely based on the strategy to develop Bluefin Advisory Services as a premier provider of financial advice in the UK under a single brand and is an indication of the clear strategic direction we have.
“We have ambitious growth plans and, with the integration phase of the new business well underway and our client base continuing to develop, we are confident of consolidating our position as a powerful player in the UK.”
Stephen Young, sales and marketing director at Sesame, says: “We have worked hard to secure this exclusive deal and are delighted to be able to offer Thinc Network members the opportunity to continue building their businesses with the help of Sesame’s financial strength, regulatory expertise and our wide range of valuable support services.
“We want to maintain our position as the UK’s leading network and support services provider and we are ideally positioned to offer a secure home for firms transferring from Thinc.”