Financial Planning firm Saunderson House will become a restricted financial adviser from 20 June, Financial Planning Today understands.

The firm will only advise on Rathbones Group products "in the first instance" from this date.

Financial Planning Today understands that staff and clients were informed of the change by an email on Friday.

Saunderson House was acquired by investment firm and wealth manager Rathbones last year in a deal worth £150m.

The move came after Saunderson House revealed early in 2021 that it was cutting 25 jobs as a result of cost cutting due to the Coronavirus pandemic.

At the time of the acquisition Saunderson House had £4.7bn in funds under management or advice, 2,200 clients and 55 advisers. Clients average portfolio size was £2.2m.

The acquisition increased the number of in-house Financial Planners at Rathbones from 25 to 80.

Rathbones said at the time of the takeover it believed the deal would make it the third largest wealth manager in the UK.

Rathbones saw funds under management rise by 25% in 2021, according to its first trading update since the completion of the acquisition. Funds under management and advice were £68.2bn at 31 December 2021.

The firm changed its name to Rathbones Group Plc, from Rathbone Brothers Plc, in December.

Saunderson House was founded in 1968 and is a Corporate Chartered Financial Planning firm. Clients include high-net worth individuals, charities and trusts and many of its advisers are Chartered Financial Planners or aiming for this status. Other staff are also members of the CFA or the CISI.

A spokesperson from Saunderson House declined to comment on the change.