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Foster Denovo sheds 15% of advisers in a year as four more partners quit

Four more partners have left Foster Denovo meaning the firm has shed 15 per cent of its advisers in the last 12 months.

Paul Hodge, Nick Pope, Mark Downing and Mike Hall have all left the Weybridge office of Foster Denovo.

This follows three more partner departures with Steve Clarke and Richard Hoare joining former Millfield Partnership adviser David Pugh to set up a new firm.

Partner Peter Butlin is also leaving the company after an “amicable” split to attain a better work-life balance.

Advisers Bob and Linda Demming, David Rodrigues, Matt Evans and Paul Stewart have also left or are leaving the business.

The firm has hired six new advisers in the last year, leaving a turnover of 14.7 per cent.

Foster Denovo sales and marketing director Darren Laverty says: “Much of this is old news dating back 12 months, during which time 13 advisers have left or are in the process of leaving. As with any business, the departures are for a number of reasons, are not all connected and all leave with our best wishes.

“The only founder partner included in these leavers, David Pugh, has already been reported on. Richard Hoare and Steve Clarke are part of his team.

“During this 12-month period, we have authorised six new advisers and currently have five more at the application stage.

“We have 260 people in total; of which 88 are advisers. Over this period, therefore, our adviser turnover rate equates to 14 per cent which is quite normal.

“Our cash receipts remain strong, they are the same as this time last year and we have been profitable in each of the seven years that we have been an independent business.”

In 2012 the national IFA firm set aside a total of £3.3m for liabilities, including £2m to pay client redress.

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