National IFA Lighthouse is repositioning itself as a wealth manager in a move designed to take on big investment banks such as Merrill Lynch.
To coincide with American Independence Day on July 4 the words “wealth management” will replace “independent financial adviser” in Lighthouse's corporate branding.
Despite the move, the firm says it will remain independent and will use the strapline “truly independent” to emphasise its status. It stipulates that it has no plans to go multi-tied if polarisation is removed.
It intends to focus purely on high-net worth individuals and the corporate market, developing a new corporate package which aims to help companies raise capital, as well as providing employee benefits and tax planning. It believes this will help it compete with investment banks and differentiate itself from IFAs.
Lighthouse, which has 76 advisers in 26 practices, aims to expand its corporate work to form 50 per cent of its business from its current level of 35 per cent.
Lighthouse has also applied to the PIA for direct authorisation for its City of London and Kent offices, while its franchises will seek to apply for authorisation on their own.
Bankhall currently authorises Lighthouse and will continue to provide some compliance services.
Lighthouse sales and marketing director Nick Hamson says: “We believe we are leading the way offering an integrated holistic approach designed to create and protect people's wealth.”