View more on these topics

Half of Aaron&#39s advisers switch to join Bates

Almost half of David Aaron Partnership&#39s advisers have left the company to spearhead the launch of Bates Investment Services&#39 first regional office in Milton Keynes next year.

Six of DAP&#39s 13 advisers have decided to join Bates after approaching Bates&#39 parent firm The Money Portal soon after the TMP deal to acquire DAP collapsed in November. The RIs, all high-net-worth specialists, will comprise the advisory staff of the Milton Keynes office, which is due to open in the first quarter of 2004. It will be the first branch that Bates has set up outside of its Leeds base.

David Aaron, who told Money Marketing last month he was not seeking an alternative buyer for his firm, says three of the RIs had already been made redundant before they joined Bates. He confirms that the other three resigned.

TMP&#39s move is part of an aggressive recruitment drive which it hopes will see 150 RIs join the company within 18 months, mainly through acquisitions. It has already snapped up discount brokerages HCF, Willis Owen and the Isa and With-Profits Bonds shops this year. The August move for Bates was its first foray into building an

independent advisory arm.

DAP was intended to be the next move in the IFA sector but TMP pulled out of negotiations after failing to resolve a number of issues which had hampered the agreement.

TMP IFA director and Bates founder Graham Bates says: “We are obviously pleased to have been approached by such high-calibre individuals and delighted that they have chosen Bates as their new home.”

TMP managing director Richard Craven says: “We are putting a great deal of resources into building a premier advisory service and we are only interested in attracting the best.”

David Aaron said he was too busy to comment.


Miles from the truth

I am responding to the amazing revelations of Professor Miles. Perhaps the lack of take-up on long-term fixed-rate mort-gages has more to do with the fact that, of the 5,723 mortgage schemesavailable from lenders in the market (source: Mort-gage 2000), only 37 of them on offer are fixed rates for 10 years plus. These schemes […]

Hat-trick hero Hurst teams up with IFA sports firm

England football legend Sir Geoff Hurst is joining fast-growing sports and entertainment IFA Jonathan Power Associates as anon-executive director. Hurst, the hat-trick hero of the 1966 World Cup Final, is being brought on to the board of the firm to raise its profile and will act as an introducer and speak about the importance of […]

BBB finance director to step down in March

Berkeley Berry Birch group finance director Craig Butcher is leaving the national IFA group in March 2004. Butcher has been with the company for three and a half years and says he is leaving to pursue other interests. BBB is currently looking for a replacement. BBB executive chairman Clifford Lockyer says: “Craig has been instrumental […]

Fear of regulator panic as it probes structured products

The FSA has revealed the extent of its concerns about structured products in a questionnaire asking IFA firms to detail their ability to meet potential misselling claims. The 15-point questionnaire was sent out last week and firms were asked to return it within 24 hours. It asks for an assessment of their overall financial position, […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm