True Potential Wealth Management has said it is offering a "new future" to bank advisers who have found themselves out of a job as a result of changes brought on by the Retail Distribution Review (RDR) and the overall downsizing of the market.
The play follows news yesterday that Santander is closing its advice service to new business in light of changes brought on by the RDR, with about 800 advisers in the firing line. Several other high street banks have already pulled out of the mass market advice arena.
Figures taken from a report by the Confederation of Business Industry and PricewaterhouseCoopers suggest that Britain's financial services companies will cut a further 18,000 jobs over the next three months.
True Potential said it can provide advisers with a new, modern way of doing business that includes access to True Potential's support services, technology and wealth platform.
Earl Glasgow, managing partner, said: "As we saw with Santander, we expect there will be a further decline in financial advisers working for banks but we firmly believe their services are much needed in today's marketplace.
"Already 22% of UK IFAs like True Potential and use our services so we feel it is our duty to let others, specifically advisers within banks, know this - whilst at the same time helping the consumer by ensuring these advisers have the opportunity to sell better products."
True Potential reported a £3.6m pre-tax profit for 2012.
More than £167,000 raised
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Celtic WM and Active Wealth