The FINANCIAL — Mercer, one of the global consulting leaders in advancing health, wealth and careers, and a wholly owned subsidiary of Marsh & McLennan Companies, announced on December 10 that the Financial Planning operations of Jelf Group plc, the independent insurance broker and financial consultancy recently acquired by Marsh, will become part of Mercer’s UK consumer business.
Bristol-based Jelf Group plc was founded in 1989 and has 36 offices across the UK. The company’s Financial Planning business employs around 80 members of staff and operates from the core locations of Bath, Bristol, Cheltenham, Manchester and Reading. It provides financial advice to high net worth individuals, business owners and senior executives across the UK. The move strengthens Mercer’s capability to provide financial advice to a broad range of companies and their employees, according to Mercer.
“Our purpose is to help clients advance the wealth, health and careers of their employees,” said Fiona Dunsire, Mercer’s UK CEO and Market Leader, “and expanding our financial advice capabilities is central to that mission. The need is evident: research from Mercer and the Confederation of British Industry showed that one third of businesses are concerned that their employees won’t make the right decision on how they use their pension pot when they reach 55. We want to help employers assist their employees in making the best choices in how they save and spend up to, into and through their retirement. Jelf’s financial planning business boosts our ability to do this. We are delighted to welcome them to Mercer.”
Chris Jelf, founder and Deputy Chairman of Jelf Group plc, will be joining Mercer as part of the restructure. He commented: “This is an exciting new chapter for Jelf Financial Planning, and myself and the team are looking forward to the opportunities that this partnership of two great companies will provide. Jelf’s mantra from the very beginning has been to place our colleagues and clients at the heart of what we do and this will not change. Over the past 26 years we have built an award-winning business based on this and being in the position to now expand our offering through Mercer, and to help support their strategic aims in this market, is a truly exceptional prospect. We very much look forward to working with our new colleagues – taking both our businesses to the next level.”
Richard Wilson, a Partner at Mercer, will become head of the combined Financial Planning team, “The UK’s Freedom and Choice reforms ended compulsory annuitisation for defined contribution members. With scheme members able to use their pension savings as they see fit, companies are looking to ensure that they provide employees with access to the best financial advice and information on which to base their wider financial decisions. Jelf’s Financial Planning team is a pivotal part of Mercer’s offering in this area.
“Jelf’s management team has been successfully growing the company in a rapidly evolving market,” he continued. “Our experiences at Mercer are similar so our approaches and culture are already very much aligned. Jelf Financial Planning also employs exceptionally capable, very high quality advisors and staff and an expanded combined group within Mercer provides great career opportunities for both teams. We are looking forward to working together.”
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