The new brand, 2plan Wealth Management, already has 100 IFAs, an average production of around £100,000 per application and a predicted turnover of around £3m for 2008.
The new venture is part of a £2m investment aimed at doubling the company’s size over the next 12 months. 2plan says it is looking to recruit a further 150 IFAs and increase turnover to £8-£9m by the end of 2009.
2plan Wealth Management chief executive officer Chris Smallwood says: “We believe that by focusing on the wealth management sector, we will enable our IFAs to gain and retain quality clients and build an enviable, profitable and stable business. And the importance of having a strong brand to back all this really comes to the fore now – particularly in a market dominated by volatile conditions, changing regulatory structures and increasing competition.”