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.”