Former Churchill Investments directors Chris Gilchrist and Stephen Poland have launched a new IFA business, FiveWays Financial Planning.
The Weston super Mare-based firm offers independent advice on a fee-only basis. It is a member of The Whitechurch Network and currently has six IFAs, including former Churchill advisers Jim Bloodworth, Jon Lawson, Ian Evans and Richard Forrest.
Gilchrist, Bloodworth, Lawson and Evans are directors of Fiveways. They plan to grow the firm to between 10 and 15 IFAs.
Gilchrist does not advise individual clients but heads up the FiveWays investment committee and is responsible for marketing and communications.
FiveWays will offer in-house investment services and will outsource clients with smaller portfolios to a discretionary fund manager. It has not yet decided which DFM to use.
Gilchrist says the firm’s charges vary based on individual client needs. Its on-going review service costs 1 per cent of assets under advice, with a minimum fee of £500 per year.
Gilchrist says: “Our aim is to build an independent advice business with services targeted at people who are prepared to pay fees provided they get top-quality personal service, communications and advice.”
Gilchrist quit Churchill in October after a disagreement with fellow director Jamie Ware over the future direction of the business. Ware and Gilchrist set up Churchill in 1995 with Hargreaves Lansdown head of research Mark Dampier.