Former St James’s Place adviser Tim Horrocks is set to launch a new IFA firm, RockWealth, to offer discretionary management and advisory services.

The new six-member firm is scheduled to be launched later this month, having received FCA approval.

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Additionally, RockWealth will also unveil a discretionary white-label platform, True Potential.

RockWealth will provide access to more than 5000 investment funds and exchange-traded funds selected on the basis of track records and intensive ongoing research.

The new business has been set up to provide a new type of online and offline financial advice service which offers advanced advisory solutions, cost efficiently, to two client groups including advisory wealth management clients and pure investment clients.

True Potential will offer wealth management and back office technology for the new business.

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Horrocks said that he has signed agreements with more than 30 DFMs, including Brewin Dolphin, Brooks Macdonald, Rowan Dartington and Investec to support RockWealth’s investment management proposition.

Horrocks said: "Like most IFAs we will independently select the most appropriate products and services from across the whole of the market and we employ the highest calibre of discretionary fund managers to monitor all our clients’ investments.

"What makes us different is that clients using RockWealth’s online service get access to all the benefits of full DFM with monthly portfolio rebalancing at a cost that is easily accessible to a more average investor," he added.