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Staff leave Temple to set up three new IFA businesses

Eleven senior managers and top salespeople have left National IFA RJ Temple to set up three new IFA businesses.

The news comes as RJ Temple announces 18 redundancies, with three regional offices in Exeter, Leicester and Edinburgh closing.

Throgmorton Asset Management was set up last month by Stephen Hadley, previously regional managing director for the Midlands, together with former consultants Jason Cross and Christopher Bayfield.

The firm, which has six RIs and aims to expand to 20 by the end of next year, has already hired one member of staff from the latest round of job losses at RJ Temple.

Throgmorton Private Capital, which currently has 11 RIs, was established by Matthew Cove and Brian Potter, former regional director and regional managing director respectively of RJ Temple, along with two others.

The two companies, which are both part of the same holding company, Throgmorton Ltd, aim to build up their brand over the next few years and hope to list on Aim by 2005.

Westpoint Financial Consultants, based in Plymouth, has been set up by former RJT managers Phil Gerry, Andrew Cole and Alan Hemsworths and salesman Barry Martin-Pitt.

Throgmorton Asset Management director Jason Cross says: “RJ Temple is almost going down the direct sales route and that is not what we wanted. It is always a shame to leave but that is just the way it goes.”

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