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Quilter to Drop Independent Advice — What Does It Mean for Clients?

ended 04. August 2025

Quilter has announced that its Wealth Network will become fully restricted from January 2026, meaning it will no longer offer independent financial advice.

We are seeking insight and comment from financial advisers and industry experts on the implications of this move, especially for clients and the wider advice market.

Questions to consider:

What does this mean for existing Quilter clients?
Will they still have access to the same range of products and unbiased recommendations?

What advice would you give Quilter clients right now?
Should they ask questions, review their options, or consider moving to an IFA?

What impact will this have on non-Quilter IFAs?
Could this be an opportunity for independent firms to differentiate themselves?

Is this part of a broader industry trend?
Are we seeing more networks move toward restricted models, and what does that mean for consumer choice?

Please send us your comments ASAP. 

5 responses from the Newspage community

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Daniel Hobbs
CEO at New Leaf Distribution
Let’s be clear, the primary reason for a network going restricted is to make more money at the expense of the client. Being truly independent is now a niche but also easily provides best value for the customer. To the remaining IFAs out there, a warning: if your network offers its own funds as an option, there’s only one direction your network is going… and that’s restricted advice. Align yourself with a network that doesn’t have any skin in the game and advises on funds that are best suited and matched to your clients' objectives.
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Scott Gallacher
Director at Rowley Turton
This is bad news for Quilter clients but potentially good news for independent financial advisers. Whenever a firm moves to restricted advice, we often see a spike in enquiries from clients who understand and value true independence. We typically pick up a few new clients as a result. Restricted advice isn’t necessarily bad, but it does limit your options. It’s like shopping at a dealership that only sells one make of car — you might leave happy, but you’ll never know if there was a better deal elsewhere. Independent advisers can search the whole market, offering more choice, better value and greater peace of mind.
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David Stirling
Independent Financial Adviser at Mint Wealth
This has the potential to be a bad outcome for Quilter clients, as the network decides to restrict its advice channel. You only have to look sideways at the restricted offering from St James' Place, to see that this is not in clients' best interests but more likely a move to increase profits from certain funds. Independent firms should pick up more business from Quilter and SJP over the coming years, as clients do value looking at a broader spectrum of funds, rather than generic, lifestyle options from one company.
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Samuel Mather-Holgate
Managing Director & IFA at Mather and Murray Financial
This makes no difference to Quilter clients as they have always been de-facto restricted. In fact, it was pretty fraudulent to have ever advertised themselves as independent. Maybe now, clients will seek proper unrestricted advice from independent advisers and get recommendations tailored to them. Quilter’s profitability will probably now increase, so I expect earnings and share prices to go up.
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Anita Wright
Chartered Financial Planner at Ribble Wealth Management
Quilter’s shift to a restricted advice model is likely aimed at reducing costs and boosting profit margins. It eliminates the regulatory burden of maintaining independence including extensive due diligence across the entire market, rigorous compliance oversight and continuous training—all of which inflate operational costs. In contrast, a restricted model allows Quilter to streamline advice processes, centralise product offerings and reduce compliance overheads by focusing on a narrower suite of in-house or selected products. While commercially beneficial to Quilter, clients may still pay the same fees for a less tailored, potentially biased service—raising concerns about value for money and impartiality.