John Baxter is planning to build a wealth management division, Citywire reports. Baxter, who acquired Macquarie’s IFA transition business, Veracity, in January 2011, is planning to grow it into a fee-based financial planning arm.

The wealth management unit will provide an exit for advisers seeking to satisfy the retail distribution review requirements (RDR). Veracity will help small to medium-sized IFA firms to transfer from transaction to fee-based models.

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