A group of IFA firms and industry professionals led by former Honister Capital director Alan Easter will aim to create a ‘middle ground' between being directly authorised and part of a network in their new venture.
Easter announced in March that he would be launching a new financial planning and fund management group, Beaufort Financial Planning and Beaufort Investment Management after exiting Honister last year.
The Honister network went into administration in July, leaving about 900 advisers unable to trade.
The new venture brings together David Ingram, formerly of Threesixty, Steven Watson, ex-chief investment officer at Gartmore Global Partners, and Peter Williams, former founder director of the Personal Finance Society and Easter, among others.
Andrew Elson, financial planner at Beaufort Asset Management, the current trading name of the group until Beaufort Financial Planning receives Financial Services Authority authorisation, said the venture will seek to offer a "third way" to a select group of advisory firms.
"Technically we will be a network because we will have more than four advice firms involved but the aim is to bring together 12 to 15 principal partners - at the moment we have eight - to work together on similar propositions under the same brand name but as individual businesses.
"The one man band is going to struggle in future. We are going to maximise what we do by working together on the same vision. We will be very selective who joins us."
The firms will appoint an operations director to oversee shared compliance, and the principal partners will come together to discuss overall strategy for the group, Elson said.
Elson, who was formerly part of the Honister network, said he expects the group will continue to evolve over the next 12 to 18 months.
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