View more on these topics

Barnes takes up CEO title at BestInvest

BestInvest has announced the appointment of a new CEO today with founder and controlling shareholder Nigel Spiers passing over his responsibilities to newly recruited Andrew Barnes.

Barnes has spent most of the past 20 years working in the Australian financial service sector, latterly as managing director of ASX listed financial services group Australian Wealth Management Ltd.

He joins Bestinvest following record profits for the company in its 2006 accounts. Pre-tax profits increased by 71% on the previous year to over 6 million, while turnover was up 59%.

Spiers: Having steered Bestinvest along a tremendously exciting journey over the last 20 years, I felt the time was right to pass over the management of the business to someone with greater experience of running a rapidly growing company. As controlling shareholder I will continue to take a very close interest in Bestinvest, but Andrew will steer the company as CEO moving forwards.


Barnes says: Having decided to return to the UK for family reasons, I wanted to join a financial organisation that practices the highest ethical standards and has the potential for substantial future growth. After reviewing a number of companies I settled on Bestinvest. Their 20 year record of consistent growth, coupled with a very high retention rate of clients and staff, suggested that the business is run firmly along the right lines.

Although the UK IFA sector has experienced mixed fortunes in recent years, Bestinvests robust business model has helped the business hit record profits over this period. It is one of very few IFAs who align their financial interests with those of clients, by waiving initial commissions in favour of remuneration based on the value of client portfolios. All financial planning work is carried out on a fees only basis.

The model clearly works and the business is scalable thanks to extensive use of in-house developed IT systems. We may look to supplement organic growth with acquisitions, but only where the businesses are fundamentally sound and practice the same high ethical standards as we do ourselves.

Recommended

Carole Nicholls

As a keen hot-air ballooner, this Bristol-based IFA drifts through much of her leisure time but, as the new president of the Personal Finance Society, she has her feet firmly on the ground, warning that advisers must earn the right to be seen as professionals and encouraging members to take the chartered financial planner exams to improve their skills. Interview by Helen Pow.

Base ball out of left field

Last week’s base rate hike came as both a shock and an embarrassment to many in the market, including me. My embarrassment was simply the result of having publicly predicted a February rise in a number of presentations last week while also stating that we might actually have seen the peak in rates.

Asda confirms tie-up with Lifesearch to sell protection products

Asda has confirmed it will be selling life and protection insurance through Lifesearch in what is thought to be the first partnership between an advisory firm and a supermarket.Money Marketing revealed last month that Lifesearch was close to winning the Asda deal and it has been confirmed today that the supermarket giant will be selling […]

Frexit & contagion risk in Europe

Many commentators have suggested the UK’s exit from the European Union will trigger a domino effect, leading to its eventual break-up. Neptune Head of European Equities Rob Burnett discusses the likelihood of this happening. Click here to read more Important informationInvestment risks Neptune funds may have a high historic volatility rating and past performance is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment