Davy has acquired independent outsourcing firm Trusted Advisor Group, a startup established by Paul Sutton in 2011.

Sutton's described the firm as an outsourced business development service for professional financial advisers – common in other markets but a first for Ireland.

“The way that compliance, regulations and legislation are changing is making the sector more professional, but also more difficult than ever for people to operate in the advisory space.

“Many advisers don't have the capacity or capability to meet these requirements themselves,” says Sutton.

TAG currently has 33 members who are independent players in the financial advisory market, and who use TAG to access expert advice on financial planning, compliance, investing and so on.

In Association with

Three membership packages are offered, each with rolling monthly payment options costing either €199, €324 or €487.

“We outsource to consultants who are experts in their fields. I act as a hub and pull all the resources together that we need and when we need them,” Sutton explains.

“In the last 12 months we've brought on more corporate firms, such as Willis IFG.”

According to Sutton, business coaching, compliance guidance and investment analysis and research are the most popular services provided by TAG to its members.

Trusted Advisor Group will become part of a new division within Davy that will focus exclusively on the needs of financial brokers and intermediaries.

This division will include investment consultancy iCubed, the Trusted Advisor Group and the Davy Select Intermediary platform.

Tony Garry, chief executive of Davy, said that TAG was a great fit for Davy.

“Trusted Advisor Group members include many of the most progressive advisory firms in Ireland. They are committed to implementing international best practice in their businesses and delivering impartial and independent financial advice to their clients.”

Paul Sutton added: “This deal is great news for the members of Trusted Advisor Group. Davy brings expertise, resources and investment at a time of great opportunity to drive change in our industry.”