Honister Capital is planning to expand the small employed arm of Burns Anderson to take over the clients and assets left behind by retiring Honister advisers.
Speaking to Money Marketing at the Honister Capital annual conference in Brighton last week, the company’s chief operating officer Richard Pearson says that he expects 9 per cent of the 970 Honister group IFAs will either retire, become introducers or focus on protection business by the December 2012 RDR deadline.
Chief executive Mark Lund says Honister will expand Burns Anderson’s employed arm from nine advisers to 50 to serve these clients.
He said: “We will grow our employed advisory business to capture the clients and assets under management as advisers retire because we do not want business to go out of the group.”
Managing director of advisory business Frank Gorrie says Honister intends to develop a training programme to encourage new talent to join the industry.
He said: “We will be pulling together a training programme that gets people into the initial stages of offering advice, probably in an Icob environment to start with, sponsoring them to be qualified in mortgages and then moving towards the QCF level four qualification.
“If we do not do something, the average adviser age is just going to get a year older each year.”