IFA network Mint is setting up a national arm specialising in advising high-net-worth individuals.
Mint Wealth Advisers is set to launch on September 5 and will be headed by ex-Origen branch manager Andrew Kirby.
Mint says it expects to have eight regional managers in place by the end of the year.
The Mint network has about 270 RIs who pay retention charges of between 5 per cent and 30 per cent depending on turnover. It has not yet been disclosed what terms MWA advisers will be offered.
Mint chief executive and managing director Paul Gains says the national arm will ensure the network is well positioned ahead of the implementation of the retail distribution review.
He says: “Although I think the RDR does not stand a cat in hell’s chance of all coming in as they have proposed, we do need to start looking at the more professional end of the spectrum.”
Network member Adrian Kidd says: “The RDR probably has accelerated this proposition. It is definitely something I will be interested in becoming involved in.”