Restructuring for financial specialist Ardent

The new company, which will be authorised by the Financial Services Authority, said its advice will not be connected to affiliated providers and instead of charging a commission, it will charge a fee, typically of between one and three per cent.

The York-based company said it will work with clients to plan for the financial long haul.

Ardent said it has rejected the traditional model of financial advice as “outdated”.

Ardent director and chartered financial planner Gary O’Brien said: “We wanted to move away from the piecemeal nature of much financial advice, where someone is sold a one-off mortgage or savings product to generate a commission for the adviser.

“Our approach replaces the quick-fix with long-term financial planning. Now we develop a working relationship with clients to help them achieve their life goals.”

“We care as much about our clients’ wealth as they do,” said Mr O’Brien.

“That’s why it’s crucial we are free to offer them our expert recommendations based on their circumstances and future goals and nothing else.”

Ardent director Michael Oglesby said the commission-based system is flawed and can lead clients to doubt they are receiving impartial advice.

He added that charging fees up front is the only fair and transparent system.

“What we do best is to sit down with people, listen to what they want out of life, and work with them to achieve it,” said Mr Oglesby.

“This requires a level of trust which we can earn only by being clear and open about everything, including fees. Clients are often surprised to learn it can save them money too.”

Ardent Financial Services, established 12 years ago, has merged with its IFA division to create Ardent Financial Planning.