London-based independent financial planning firm SK Financial has confirmed that it has taken on some 1,000 clients from Kleinwort Benson, as it liaises with a number of private banks on future client transfer deals.

The firm said it is looking to take on more clients and become "more connected", especially in light of how the Retail Distribution Review is affecting the level of service private banks are able to offer.

According to a November survey by Deloitte, the RDR reform package - which came into effect this week - could lead to a staggering 5.5 million investors becoming financial advice "orphans" and at risk of falling into the "advice gap" because they are unwilling or unable to pay advisor charges. Yet a subsequent study by the Financial Services Authority suggested that such fears are overblown, as it highlighted that 63 per cent of advisors said they will continue serving clients with savings and investments of between £20,000 (around $32,000) and £75,000.

"The advent of platforms illustrates how providers are trying to build volume by administering assets. Some of these providers remain active in the asset management business. Some are solely focusing on asset management," SKF said in a statement. 

"Then there is the advice market, which now encompasses those clients that want to deal directly with providers and not receive advice and those clients that do want to receive advice," the firm continued, adding that it is "firmly in the latter category".

SKF said clients might benefit from "special terms" it has negotiated with pension and investment providers that offer no initial charges and discounted annual management fees.

"We are looking forward to bringing the experiences to the client relationships we aim to forge with these new clients from Kleinwort Benson," said Kunle Olafare, an SKF partner who worked at Kleinwort Benson for nearly 10 years.