After failing to raise its overall number of advisers last year, British financial advisory firm Chase de Vere had dropped its recruitment targets citing ‘low quality’ manpower.
"Potential candidates were not of a sufficient standard," the company’s communications director Patrick Connolly was quoted as saying by FTAdviser.
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The company previously set target to hire 20 – 30 advisers per year. Last year, the company set target to raise adviser numbers from 215 to 250 – a rise of almost 17%.
But Connolly confirmed that the overall figure actually fell as older advisers retired.
"It hasn’t been easy to get advisers of the right quality. Our view is that a lot of advisers were sitting on their hands, waiting for RDR, and seeing how things panned out. Then, they decided they were quite keen to join us but we weren’t keen to recruit them," Connolly said.
Connolly also revealed that successful acquisitions would be more likely in the coming year. "If the opportunities arise, we’d definitely be interested in companies that have a strong financial underpinning."
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