Mercer has carved-out Jelf Group’s financial planning operations from sister company Marsh and integrated it into its UK consumer business division. Circa 80 employees transfer to the HR consultancy.
Bristol-based Jelf Group was founded in 1989 by Chris Jelf and has since grown into one of the UK’s leading independent insurance brokers and financial services consultancies. The company has 36 offices in 33 locations across England and Wales employing over 1,200 members of staff. In September this year Jelf Group was acquired by Marsh, one of Marsh & McLennan Companies’ subsidiaries, in a deal worth nearly £260 million.
As part of the integration, Marsh and Mercer have decided to carve-out Jelf Group’s Financial Planning practice, which consists of around 80 members of staff*, and integrate it into the consumer business division of Mercer. With the addition, Mercer strengthens its capability to provide financial advice to a broad range of companies and their employees, including high net worth individuals.
“Our purpose is to help clients advance the wealth, health and careers of their employees,” says 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 shows 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.”
The combined Financial Planning team will be headed by Richard Wilson, a Partner at Mercer. “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,” he says.
Jelf Group founder Jelf will join Mercer as part of the internal restructure. He comments: “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. We very much look forward to working with our new colleagues – taking both our businesses to the next level.”
* Staff of Jelf Group’s Financial Planning unit operate from the core locations of Bath, Bristol, Cheltenham, Manchester and Reading.