From January 2026 Quilter Wealth Network have confirmed they will be dropping their independent advice status, is this move about control, oversight, or compensation risk?
Quilter’s wealth advice network will operate exclusively under a restricted advice model, this means that Quilter Advisers will no longer be able to call themselves IFA’s as they will not be independent any more, meaning they cannot claim to be choosing products from the whole of market but will instead be selecting from a restricted (smaller selection) of pensions, investments, ISAs etc.
While the firm claims this change affects only a small minority of advisers, the implications are broader, and may point to growing industry pressure around adviser accountability, regulatory oversight, and the financial risks posed by recent client compensation claims.
In short, this could mean that independent advisers at Quilter have been offering Quilter products rather than recommending the best products available in the marketplace at the time of the advice.
Quilter’s Position
Quilter, which manages around £120bn in assets, has confirmed that all independent financial advisers (IFAs) within its wealth network will be required to transition to a restricted model. These advisers will no longer have the freedom to recommend products from across the entire market. Instead, they will be limited to a panel of providers, including Quilter itself and others like Aegon, as well as a defined set of investment solutions.
The company has positioned the change as a strategic decision to simplify and strengthen its wealth advice operations. With the vast majority of firms in the network already operating under a restricted model, maintaining a separate oversight process for a small number of independent firms was considered no longer viable.
Why Now? The Role of Claims Management Companies and Solicitors
While Quilter has framed this as an operational improvement, the timing suggests a possible deeper driver: the rising tide of client claims for compensation, particularly in cases where financial advice has gone wrong.
Read our article- Why Acting Now Matters ?
In recent years, claims related to unsuitable pension transfers, high-risk investments, and unfit-for-purpose products have placed financial advice firms under increased scrutiny. Even a single mis-selling claim can result in substantial redress payouts, some being hundreds of thousands of pounds, (see our financial adviser redress calculator ), regulatory fines, and reputational damage, not only for the adviser but also for the network responsible for overseeing them.
By moving entirely to a restricted advice model, Quilter can tighten control over what advisers recommend, reduce variability in product suitability, and minimise the risk of future compensation claims. It also strengthens their internal compliance processes, making it easier to defend against future complaints from solicitors like Claim My Loss or Financial Ombudsman Service (FOS) cases.
A Subtle Shift with Major Consequences
Although the change may not affect large numbers of advisers immediately, it marks a continued trend towards vertical integration in the wealth management sector. As firms like Quilter aim to consolidate advice, platforms, and investment solutions under one umbrella, questions remain about client choice and impartiality.
Clients who sought independent advice may now find themselves receiving recommendations from a more limited product range, potentially not the best fit for their personal circumstances.
Those who received advice under Quilter’s IFA model in the past may now wonder whether their portfolios could come under renewed scrutiny, especially if outcomes have not aligned with expectations.
If you want to learn more about why all financial advisers are not independent and what that could mean for you or somebody you know who uses a financial adviser you can read more here.
Worried You Might Have Been Mis-Sold?
If you received advice through Quilter or any financial adviser in the past and are now questioning whether the advice was truly in your best interests, you’re not alone. Claim My Loss specialises in helping individuals assess and pursue compensation for financial mis-selling, including cases involving unsuitable investments, pension transfers, or restricted advice presented as independent.
Our experienced team can review your case, liaise with advisers and networks, and handle the claims process from start to finish. If you suspect you may have been affected, don’t wait, start your claim today.
