Financial adviser network Sesame Bankhall Group has been put up for sale by owner Friends Life.
Barclays Investment Bank has been brought in to advise on likely buyers, while a management buy-out is also on the cards.
Friends Life bought Sesame from Misys, a software company, in 2007 for about £75m, but last year said it needed to make £160m savings.
In a statement, it was emphasised that a deal could be some way off.
It said: “Sesame Bankhall Group (SBG) has today confirmed that Barclays Capital has been appointed to review strategic options for SBG. This work is at an early stage.
“SBG has a strong long-term commitment to providing its members with valuable support to help them deliver the right outcomes for customers.
“Over the last two years, SBG has unveiled a new broader range of propositions in areas including wealth management, restricted advice, adviser technology, mortgages and general insurance.
“These developments have helped SBG to strengthen its position as the UK’s largest financial services group for professional advisers, with continued growth in revenue, adviser productivity and new members.”
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