From May 2012 to May 2013 the number of wealth management partners has grown from 70 to 270, the group said.
Since the start of May 2013 alone, True Potential said 49 new advisers had joined and added there is a waiting list of advisers seeking FCA approval to work with the group.
Earl Glasgow, partner at True Potential, said the influx was due to the arrival of previously displaced high street bank advisers.
Following Santander’s decision to pull out of the mass advice market in February True Potential said the UK’s financial services sector would cut a further 18,000 jobs over the second quarter (as estimated by the Confederation of Business Industry and PricewaterhouseCoopers).
Read how Santander advisers’ peril was deemed the tip of the iceberg in job losses for the sector.
Glasgow said he hoped the jobs provided by his company could ‘offer hope’ to displaced bank advisers, particularly following the announced cull of 750 ING Direct roles by Barclays.
“We strongly believe that ex-bank advisers have a huge amount to offer the marketplace – it is unfortunate that so many have been left strangled by red tape as they waited to get the newest stage of their careers up and running.
“This has led to a slight delay since the job cuts were announced, and a short-term advice gap in the marketplace, but we are confident that this gap can now be filled," he concluded.
Of the 49 arrivals since the start of May True Potential said nine have chosen to be independent, two are selling protection and 38 have decided to go restricted.
Is this a sign of what’s to come? Will restricted become the norm? Let us know in the comments box below…
