Taunton-based advisory firm InvestSouthWest has launched a recruitment drive in a bid to service 'Mr Average' - a segment of the market it claims has been orphaned by banks and investment-only IFAs.
Managing director of InvestSouthWest, Dave Penny said he thought that the banks and IFAs pulling out of the mainstream market was a "crying shame".
The firm, which now comprises 10 advisers, had taken on four in recent months and is looking to recruit another three over the next month or so in a bid to provide financial advice to the mass market.
Penny said: "Where does the average man on the street go to get financial advice these days? There is a massive space in this market.
"The banks have pulled out of financial advice, and most IFAs are talking about segmentation and wealth management. This leaves Mr Average high and dry.
"We think it's important to talk to anybody that needs advice, if a customer lives in the UK, has a pulse and can pay the fee [approximately £1,500 per customer] we will help him manage his finances. There is no minimum investment level."
The company offers a holistic financial advice service covering mortages, protection, equity release, long-term care planning and integral wills.
Penny said: "The ordinary customer's mortgage or pensions adviser or bank manager will all be looking for the biggest investment from him, no-one's looking after this type of client's holistic interests. RDR has shafted that."
But Penny conceeded that maintaining expertise in all these advice areas was not easy. "I couldn't tell you why more IFAs aren't targeting this market, it surprises me, all you have to do is demonstrate that the job you are doing benefits the client more than it would have ordinarily done."
The advisers InvestSouthWest is looking to recruit must be experienced in Intelligent Office, qualified in mortgages and be living and working in their community.
Penny said: "This keeps you honest. You need to be able to bump into clients in your local ASDA and feel comfortable about that."
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