SimplyBiz founder Ken Davy has launched a national advisory business aimed at the restricted advice market.
The national has not yet been given a name but is being referred to as "Project Refresher".
It is currently waiting for Financial Services Authority (FSA) approval and its founders expect it to launch in September or October this year.
The firm will be a completely new business run separately from SimplyBiz.
There will be 30 or 40 staff at head office and the founders expect it to become "a significant player" in the restricted market, according to SimplyBiz joint managing director Matthew Timmins.
Timmins said: "Although we don't know how many advisers we will be taking on, if we are approached by 30 or 40 a month for the next 12 months that would be great. In short, we are embarking on a period of heavy recruitment."
SimplyBiz group sales director Steve Braidford will take on the role of managing director at the firm.
Despite the launch of a restricted company, Davy said that SimpyBiz will continue to strongly back the IFA sector.
He said: "SimplyBiz is recognised as the standard bearer for independent advice and we are confident that the great majority of the firms we serve will continue to operate as directly regulated IFAs post-RDR."
He added that the new restricted business was aimed at a completely different sector of the market.
"We believe that this part of the market is currently underwhelmed with old style offerings which have gone stale and deliver little value."
Braidford said of his appointment: "I am determined to provide advisers with the opportunity to prosper by doing what they do best which is spending time with clients.
"I am equally determined to dramatically reduce their administration and compliance burdens. We will be giving advisers the opportunity to enjoy the benefits of a national brand, while reducing costs and significantly increasing their profitability in the post-RDR world."
Consistency and compliance vs. slower reaction time
Search for replacement to begin imminently
60+ £300bn ISA savings
Has technology moved on?
Total funds on list rise from 26 to 58