Candid Financial Advice, a firm that mostly uses technology to serve clients, has exceeded £100m in client funds under advice five years after its launch.
Candid director Justin Modray says he is now looking to improve the firm’s scalability and accelerate growth since starting out in 2013.
The firm is targeting an additional £100m in the next two and a half years.
Modray says: “We’ve grown Candid organically, avoiding outside investment and interference, which has let us focus on building the business we want. We launched from a total standing start, with no clients or legacy business. Breaking through £100 million of client monies is a key moment for us, as it proves our model works.”
Candid services high net worth clients “bionically”, predominantly using technology and acting remotely.
The firm’s clients have an average portfolio size over £500,000, allowing the firm to remain self-funded.
Modray says: “Our approach makes us significantly more efficient and cost effective than traditional advisers, whilst developing a personalised service that attracts the type of client who would be uncomfortable with the limitations of robo-advice, because our so-called bionic advice approach is a sweet spot.”
Candid also builds its own computer systems and may look to reassess its choice of platform moving forwards.
Recruiting more trainee advisers is also on the horizon.
Modray says: “This will all be over the next 12-18 months to ensure no factors hold us back over the coming years.”