Wealth manager Truestone has sold its financial planning arm to former Bestinvest founder John Spiers for an undisclosed sum.
As part of the deal, Truestone, which now has £500m of client money and 45 staff, will be re-launched as EQ.
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The new venture will target small-scale individual investors who save at least £1,000 a month. EQ will also provide face-to-face advice for Truestone unit’s wealthy clients.
Additionally, EQ is planning to launch a low-cost technology-based investment platform named EQ Direct next year, which will be primarily online and aims at individuals with lump sums of £15,000 upwards or £1,000 a month to save.
Also, the firm is planning to launch a new fund called EQ Foundation that will contribute to charities selected by staff and investors.
EQ already offers socially responsible investment vehicle for clients called the Positive Impact Portfolio, which as £20m in assets under management.
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By GlobalDataSpiers said: "Changes to regulation have meant that financial advice has become too expensive for all but the very rich and at a time when people need professional advice and guidance more than ever. We will help to fill that gap by making advice more accessible, focusing on maximizing returns over the long-term and offering value for money products driven by an efficient use of technology."
