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Hargreaves wants to double advisers

Firm looking for 50 IFAs as direct marketing campaigns boost business

Hargreaves Lansdown is looking to more than double its IFA numbers to handle the deluge of enquiries gener- ated by its direct marketing campaigns.

The Bristol firm says a targeted marketing approach is generating 600 to 1,000 leads a month and it is looking to hire a further 50 advisers to add to its 45-strong team of practitioners.

Hargreaves has hit out at rivals in its recruitment ads, saying many IFA firms still adopt a laissez faire approach to lead generation, expecting their advisers to find leads through social contacts and chance encounters.

The average IFA who has been with Hargreaves for two years earns 225,000 annu- ally from a combination of commission and fees.

Head of financial advice Danny Cox says he has had 25 applications for the positions since advertising in the trade press at the end of last year.

He is looking to recruit people with an average of three to five years’ experience in financial services. In the past, the firm has had most success with people from tied backgrounds such as banks and insurance firms.

As well as targeting its existing client base, Hargreaves continues to go after new business, raising its profile through providing a stream of commentary and opinion to the media as well as advertising its services to the public in the nat- ional press.

Managing director Peter Hargreaves says he is planning more marketing initiatives this year.

Cox says: “We are different from many IFA firms in that we generate a massive number of leads. At times, the biggest problem that our advisory business faces is handling the demand for our services and I am very impressed with the standard of applications we have received so far.”

Hargreaves says: “Finding good, professional, honest IFAs is a challenge. Our IFAs are almost guaranteed to move into the top earnings bracket and there are some very good people out there working for inferior firms.”

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