South East and London based national, Foster Denovo, aims to increase its workforce by approximately 50%, according to chief executive Roger Brosch.
Brosch explained that the reason for the recruitment drive was that the company aimed to increase turnover by 50% over five years and this would probably see the company increase its staff by the same percentage.
However, he said that the number of new recruits will depend on how many of the five acquisitions currently under consideration are signed off.
It will also depend on whether, and how much, the current workforce of 100 advisers increase their income by over the same period (it is currently £200,000 per annum).
"It is the 50% turnover figure that is most important to us," he said.
To support the recruitment drive the company will host a number of seminars before the end of the year. The seminars will discuss five key risks facing advisers in the sector, alongside some solutions.
The company hopes that between 70 and 90 advisers will attend overall, with between ten and 15 per session.
The risks that will be discussed are as follows:
- Some advisers won't have the strength of story to be able to convince their clients of the benefits of their advice process.
- With regulation changing focus and emphasis the risk is that advisers are lose control of their regulatory processes.
- Capital adequacy will be a big issue for advisers over the next few years. The requirements will increase from four weeks of costs to 13 from the end of next year.
- The commoditisation of advice could put advisers that don't focus on the relationship with clients at a disadvantage. The seminar will encourage the development of client relationships.
- There are risks and opportunities associated with the fact that large amounts of protection and investment business that should be written inside trusts has actually being written outside them.
The seminars will be held in the board room at the Eastcheap offices in London.
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