Former Hargreaves Lansdown staff launch tax-efficient investment service


Five former Hargreaves Lansdown staff have launched a non-advised investment service for tax-efficient products aimed at high-net-worth individuals.

Wealth Club will be led by former Hargreaves Lansdown director Alex Davies and investment manager Ben Yearsley, alongside three former colleagues from the firm.

The Bristol-headquartered business will mainly offer EIS, SEIS, VCT and IHT products. It aims to research and explain tax-efficient products to investors.

Investors with assets over £250,000 can access the service and information on products through the firm’s website and over the phone.

The firm will receive trail commission on VCTs of between 0.25 per cent and 0.5 per cent, paid by providers each year out of product charges.

Davies, who left Hargreaves Lansdown two years ago and was responsible for its Sipp business, says the idea for the Wealth Club came from the “lack of information” and “decent service” available on tax-efficient products in the industry.

He says: “I was really disappointed. Good-quality services to help high-net-worth investors with non-standard and tax-efficient investments were thin on the ground. It was really hard to get sound, unbiased information. This led to the idea of Wealth Club.”

Wealth Club co-founder Ben Yearsley was in charge of expanding Hargreaves Lansdown’s VCT research before joining Charles Stanley as head of investment research in 2012. He joined Plymouth-based advice firm Shore Financial Planning in August last year.

He says: “High-net-worth investors are being attacked every step of the way and for more sophisticated investors there is a lack of quality impartial information. Wealth Club will fill that void and there are some simple reasons why we believe its time has come.”

Other staff at the firm are former Hargreaves Lansdown head of pensions marketing Marta Caricato, who is now Wealth Club’s marketing director, David Suckling, Hargreaves’ former head of internal audit and now finance and compliance director, and Sheeridan Leech, formerly a Sipp account manager at Hargreaves and currently head of client service at the new firm.



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