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Barnes takes up CEO title at Bestinvest

Bestinvest has announced the appointment of a new CEO today with founder and controlling shareholder John 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
Although the UK IFA sector has experienced mixed fortunes in recent years,
Bestinvest’s 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.”


The way Forward for FSSC degree

The Financial Services Skills Council has developed the blueprint of a degree in financial services, which has been approved for use in England.The framework will be used for the delivery of all financial services foundation degrees.The FSSC says the plans have been approved by Foundation Degree Forward – the body that approves all new foundation […]

A&L increases rate for offshore savers

Alliance & Leicester International has increased the interest rate on its offshore base rate tracker and its offshore pension reserve following the Bank of England’s decision to increase the base rate.The offshore savings bank has increased the rates on its savings accounts in line with the quarter point base rate rise last week with immediate […]

Bell to Balls – save our Asps

The pension industry is “punchdrunk with knee-jerk tinkering”, says Andy Bell, managing director of Sipp provider AJ Bell.He is challenging the Government to rethink the changes on alternatively secured pensions contained in the pre-Budget report.The PBR effectively killed off Asps by imposing an unauthorised payment charge of 70 per cent, where Asp funds remaining on […]


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