Over the past year, a quiet but troubling pattern has been emerging inside adviser networks.
First, firms are deauthorised.
Then advisers are moved, paused, or left in limbo.
And only later do the debt letters arrive.
A recent Citywire investigation has brought this pattern into sharp focus.
The Morrinson Wealth case
One of St James’s Place Wealth Management Plc’s largest former partner practices, Morrinson Wealth Management, was closed at the end of 2024 following an SJP investigation into compliance issues.
Advisers were moved on.
The firm did not go into administration.
And months later, some former advisers began receiving letters from CCI Credit Management — a debt collection agency — demanding repayment of adviser loans.
These were not trivial sums.
Many advisers had taken loans to cover living expenses or client leads, sometimes under intense sales pressure.
Some now question why they are being pursued for debts when:
- the firm was shut down by the network,
- advisers were unable to work for weeks,
- income was interrupted,
- and client relationships were damaged.
SJP declined to comment.
This is not an isolated story.
It is a structural warning.
The moment advisers get it wrong
When a letter arrives titled “Debt Recovery Process” or “Invitation to BSP Meeting”, the instinctive reactions are understandable:
- panic
- defensiveness
- replying too quickly
- or rushing straight to a solicitor
All of these can weaken your position.
Once you reply incorrectly, attend a meeting unprepared, or frame the facts badly, it becomes very difficult to recover ground — even with excellent legal support later.
What’s missing at this stage is not legal firepower.
It’s clarity.
Adviser Bridge exists for this exact moment
The AoLP Adviser Bridge was created for advisers in transition, particularly where:
- a BSP or adviser loan is in dispute
- verbal assurances were given but not documented
- network exits are contested
- or debt recovery is being initiated post-exit
It is not legal advice.
It is pre-legal support.
The aim is simple:
Help advisers think clearly, prepare properly, and avoid self-inflicted damage before the stakes escalate.
What Adviser Bridge does before you reply or lawyer up
Adviser Bridge helps you:
- reconstruct what actually happened (not what’s being asserted)
- distinguish verbal representations from contractual reality
- organise evidence calmly using AI + structured documentation
- understand the typical mechanics of BSPs and adviser loans
- prepare measured, professional correspondence
- assess whether dialogue, mediation, or legal advice is proportionate
In many cases, this prevents unnecessary litigation.
In others, it ensures that if you do instruct a solicitor, you do so from a position of strength — not fear.
Why this matters now
The Morrinson case shows that:
- firm closures do not automatically extinguish adviser debts
- networks and legacy firms may pursue recovery later
- advisers can be left exposed long after they think matters are settled
We are also seeing early signs that contractual disputes within large adviser networks may increase, not decrease, as models change and pressure rises.
Advisers deserve better than:
- surprise debt letters
- opaque processes
- or being forced straight into adversarial positions
They deserve a bridge.
A calmer, smarter first step
If you’ve received:
- a demand letter
- an invitation to a BSP “debt recovery” meeting
- or correspondence that doesn’t feel right
Pause. Don’t reply yet.
Adviser Bridge exists to support you before that moment becomes irreversible.
This is not about fighting.
It’s about regaining agency.
What to Do If You Receive a Debt Letter
A calm, practical checklist for advisers
If you receive a letter titled “Debt Recovery Process”, “Outstanding Adviser Loan”, or similar, pause. This checklist is designed to protect you before you reply, attend meetings, or instruct solicitors.
1. Stop. Do not reply immediately
Debt letters are often written to trigger urgency.
You are not required to respond instantly. Acting too quickly can weaken your position.
Take a breath. Nothing is decided yet.
2. Do not admit liability — even accidentally
Avoid phrases such as:
- “I owe…”
- “I accept…”
- “I agree to repay…”
Even casual wording can later be treated as an admission.
3. Save and preserve everything
Create a secure folder and store:
- the debt letter (PDF and original envelope if posted)
- all previous emails or messages relating to the loan, BSP, or exit
- contracts, BSP schedules, adviser loan documents
- any notes of verbal assurances given (dates, names, wording)
Do not rely on memory alone.
4. Identify who is writing to you
Ask:
- Is the letter from the network, the former practice, or a third-party debt collector?
- Who actually claims the debt?
- Are they authorised to collect it?
Do not assume authority equals entitlement.
5. Separate fact from assertion
Debt letters often state things as if they are settled facts.
They are usually assertions, not judgments.
Make a simple list:
- What is claimed
- What is evidenced
- What is missing or unclear
6. Do not attend a “debt recovery” or BSP meeting unprepared
Meetings framed as “informal” or “administrative” can still be consequential.
Before attending, you should understand:
- the basis of the claim
- your contractual position
- what you will and won’t discuss
You are allowed to ask for time.
7. Don’t rush to a solicitor — yet
Legal advice is valuable, but only after:
- the facts are organised
- the documents are clear
- your objectives are defined
Many advisers waste money and lose leverage by going legal too early.
8. Get pre-legal clarity
This is the stage where structured support matters.
A calm, pre-legal review can help you:
- map the situation accurately
- prepare safe, professional correspondence
- assess whether mediation, dialogue, or legal advice is appropriate
- avoid self-inflicted damage
This is exactly what Adviser Bridge is designed for.
9. Remember: a letter is not a verdict
Debt recovery letters do not decide liability.
They start a process — one you still have agency within.
You are allowed to slow it down and respond intelligently.
10. Take the right first step
Before replying, attending meetings, or instructing lawyers:
➡️ Pause
➡️ Get clarity
➡️ Then choose your next move
That sequence matters.
Not sure what to do next?
If you’ve received a debt letter, a BSP meeting invite, or correspondence that doesn’t sit right, you don’t need to figure it out alone.
A free 15-minute Clarity Call with Steve Conley can help you:
- slow the situation down,
- sense-check what you’ve received,
- and understand your safest next step — before you reply or escalate.
No pressure. No obligation. Just clarity.
👉 Book your free 15-minute Clarity Call here.
Sometimes the most powerful move is not responding — until you’re ready.
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