London-based Wealth manager Bestinvest has outlined plans to almost double the size of its financial planning team to boost its presence in the advice market across the UK.
Bestinvest, which branched into advised services with the acquisition of HW Financial Services in 2010 said that it had embarked on the expansion drive as it saw opportunities arising from the retreat of banks from the advice market.
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Bestinvest which currently employs 23 advisors plans to raise team strength to 46 within the next 12 months.
The firm said that it is planning to hire new planners for existing offices and potentially open up a presence in new regions.
The firm will be looking to expand its presence in areas including Scotland, the North East and North West of England, and the Midlands, as well as possibly setting up in locations such as the south coast, East Anglia and South Wales.
The firm revealed that it is looking to offer restricted advice services to clients who have been left without advice following the withdrawal of banks from mass market advice post-RDR.
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By GlobalDataRichard Dawes, joint managing director of wealth management at Bestinvest, said: "Far from heralding the end of face to face advice, we have seen strong growth in our advised business both before and after the introduction of RDR. The withdrawal of the banks from the advice market creates real opportunity for us, providing we can find high quality people."
Bestinvest currently holds £5 billion assets on behalf of around 50,000 clients across both its advised and non-advised propositions.
