National restricted advice firm Sandringham Financial Planners wants to grow the business by a further 60 adviser members as it hints a planned Alternative Investment Market listing may take longer than expected.
Speaking to Money Marketing, Sandringham chief executive Tim Sargisson says the business brought 50 new advisers on board this year and will finish 2016 with 180 advisers.
Sargisson, a former James Hay managing director, says he wants to grow Sandringham to having around 240 advisers. He says: “I look at it being a boutique business as opposed to some of the nationals.”
Sargisson says the business is still considering floating on Aim, but he says the listing is unlikely to be within three years, as first suggested by chairman Barry Kayes last year.
Sargisson says: “Five years is a more realistic timeframe.”
Kayes told Money Marketing last July that three or four years would give the national a “critical mass” of partner firms.
Though the majority of its partner firms are one-man bands, Kayes said Sandringham had larger groups of appointed representatives on its radar for acquisition.
Sandringham was founded by SimplyBiz chairman Ken Davy in 2012, with £2m of funding coming from SimplyBiz. Sargisson joined the business in July 2015.
Sargisson says he wants to position working as a “restricted” adviser as reducing some of the risks associated with running an advice business.