The stockbroking firm has picked out the wealth management and financial advisory space as a potential target to expand into Stone said, and he is looking at how best to cater for the sector.
Traditionally dedicated to stocks and shares, as hinted at by its name, Stone said he hoped The Share Centre could grow and be the platform of choice for wealth managers.
“Our biggest challenge in growth is brand recognition,” Stone said, adding: “There’s a definite space in the market for a new platform, there’s a gap to fill.”
However, he added he does not want to simply replicate the model of the hugely successful Hargreaves Lansdown.
“If you had asked me that question [would you like to be a new Hargreaves Lansdown] a few years ago I would have said yes. But there’s an interesting shift going on in the market.
“There’s a shift from distributing products to manufacturing your own funds, we have no plans to start our own funds.
“We want to be independent, there’s a demand for that from customers. There’s still a negative perception of financial services and they want to be able to trust someone and trust what they are being told is in their best interests. They don’t want to be sold our products.”
Potential options for The Share Centre include launching a new version of its platform geared towards the needs of wealth managers and IFAs with a range of clients to oversee.
