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Bestinvest to double regional advice team

Wealth manager looking to increase regional advice team to 46 from 23 over the next year.

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Bestinvest is looking to double the size of its regional adviser team from 23 to 46 within the next 12 months.

The firm says it is looking offer restricted advice services to clients who have been left without advice following the withdrawal of banks from mass market advice post-RDR.

Bestinvest has now begun a recruitment phase in which it says it will recruit a further 23 advisers to its team.

The firm has regional offices in Scotland, the North East, North West and the Midlands as well as around the south coast, East Anglia and South Wales.

Bestinvest currently employs 200 people within the business which is made up of 23 advisers and support and back office staff across 39 locations in the UK.

Bestinvest joint managing director of wealth management Richard Dawes says: “Far from heralding the end of face-to-face advice, we have seen strong growth in our advised business both before and after the introduction of RDR. The withdrawal of the banks from the advice market creates real opportunity for us, providing we can find high quality people who share our commitment to great client service.” 

Bestinvest currently holds £5bn assets on behalf of around 50,000 clients across both its advised and non-advised propositions.

Paladin Financial managing director Tim Purdon says: “This kind of move is indicative of the gap that has been created by the introduction of the RDR and certainly going forward the Bestinvest model could deal with an area of the market that may not have been serviced in the future.”

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