True Potential Wealth Management says it has seen an ‘unprecedented’ number of new advisers joining its national advisory firm.
From May of 2012 to May 2013, the number of new Wealth Management Partners has risen by 285% – going from 70 to 270. The trend is continuing – since the start of May 2013 alone, 49 new advisers have joined and there’s a growing pipeline of advisers awaiting FCA authorisation.
True Potential senior partner Earl Glasgow says the influx is due to the arrival of previously displaced high street bank advisers, looking for opportunities to stay in the sector.
He said this news would ‘offer hope’ to displaced bank advisers following widespread job cuts – the post-RDR advice gap has left a wealth of opportunities for qualified advisers. A further round of job cuts was announced this week as Barclays confirmed it would shed 750 ING Direct roles.
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Glasgow added: “We strongly believe that ex-bank advisers have a huge amount to offer the marketplace – it is unfortunate that so many have been left strangled by red tape as they waited to get the newest stage of their careers up and running.
“This has led to a slight delay since the job cuts were announced, and a short-term advice gap in the marketplace, but we are confident that this gap can now be filled.
“We have a modern way of doing business and advisers are attracted to that. Through our comprehensive support services and single integrated platform approach, paired with True Potential’s award-winning technology, we make it easier for advisers to make the transition from a bank environment – freeing them up to concentrate on doing what they do best, advising clients.”
Glasgow added that True Potential’s hybrid model – meaning advisers can choose to go restricted or independent – has proved a huge draw. Of the 49 new arrivals, nine are independent, two are selling protection and 38 have chosen the restricted offering.