Two-thirds of the former LV= advisers have rejected the self-employed contracts offered at Lighthouse and moved to Thinc after the mutual closed its IFA arm.
LV= closed its advice arm after acquiring Lighthouse in March. The 42 managers, advisers and coordinators from LV= were previously salaried and 29 have turned down the option of self-employed contracts at Lighthouse to move to Thinc.
The new salesforce of 23 IFAs, four managers and two seminar co-ordinators have sought employment at Thinc’s national arm. Lighthouse chief executive Malcolm Streatfield says: “We expected that salaried advisers would look to another salaried proposition.”
Former LV= head of financial advisory sales Niraj Vyas, now running Thinc’s Cardiff office, says: “This was the most diverse offering and had strong growth plans. Compare Thinc now to two or three years ago. We wanted to be part of something bigger.”