An Exeter-based IFA has expanded its team to nine by hiring and retraining two ex-HSBC advisers.
Cathedral Financial Management was approached by the advisers - one an IFA and one restricted - after they were made redundant by HSBC.
HSBC said in April that it was cutting its 650 tied advisers, closing its tied advice service. In November it said its in-house team of 400 advisers who currently offer whole of market will become restricted from 1 January 2013.
Tim Ames, director of Cathedral, said the two new recruits were attractive because of the skills they already had, including authorised status, "robust compliance training, good key performance indicators and great interpersonal skills".
Ames said the decision to expand came because one adviser is leaving the industry after 44 years, and the other hire is to strengthen the firm's Plymouth office.
However, he added he is not looking to expand the business - which has a turnover of £1.8m and £250m of assets under management of which £100m is discretionary - any further at the moment, as he's "run out of desks."
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