View more on these topics

Sandringham targets 1,000 advisers in four years

Steve Braidford Sandringham 2012 480
Sandringham Financial Partners managing director Steve Braidford

Ken Davy’s restricted national business, Sandringham Financial Partners, says it aims to have 500 adviser members over the next two years and 1,000 over the next four years.

Sandringham launched in November after receiving FSA approval. Managing director Steve Braidford says the network cannot reveal how many members it has currently as many are working out their notice period with other distribution firms.

Braidford says: “In terms of targets over the next two years, we would be looking at somewhere in the region of 500 advisers, and around 1,000 advisers over the next four years.”

Earlier this month the firm announced it is waiving professional indemnity insurance excess payments for its founder member firms.

Braidford says part of the reason the firm is able to offer this is that advisers cannot advise on venture capital trusts, enterprise investment schemes and unregulated collective investment schemes.

He says: “We did not want to advise on these esoteric investments which are under close scrutiny from the regulator and that is why we are able to offer advisers the benefit of waiving PI excess.”

Members of Sandringham are charged 15 per cent of their turnover up to £100,000 and 5 per cent above that level. This covers professional indemnity, FSA and professional body membership fees.

PMI Independent Financial Advisers director John Stewart says: “These are ambitious targets and it will be very difficult to achieve an adviser membership of the size they are aiming for. However, Ken Davy has achieved this before so if anyone can do it, he can.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com