A financial planner has claimed he has “tremendous confidence” in the financial services market and that he wants to see turnover rise up to 200 per cent over the next five years.
David Cant, partner and director of business development for Essex-based Birkett Long, said he wanted to hire between five and seven extra financial planners in the next 18 months as a way of boosting the company’s presence in financial services.
He said: “We have tremendous confidence in the financial services market place. Historically the main source of our work has been the Colchester area but we also have offices in Chelmsford and Basildon.
“We are looking to replicate the success we have had in Colchester. We are seeing a better and more stable market. The fact that we are a trusted adviser with legal services has helped.
“Our financial services business is coming from a stable law firm. The pain of charging fees is not new to us.”
Mr Cant said he expected to increase turnover in the next five years, though he would have to account for the cost of having a bigger team.
He said: “We would probably be looking to hire five to seven people over the next year or 18 months. In financial services, we employ 10 people.
“We are looking to increase 175 per cent to 200 per cent in terms of turnover in the next five years. But that will be with a lot more staff.
“If you take high-performing individuals and put them in a room, you will see results.”
He also said that it would be “not essential but desirable” to take on a client bank.
Adviser View
Colin Parkin, managing director of Lincoln-based Ample Financial Services, said: “As regulations change, more and more of this kind of thing will take place with law firms branching into financial advice. It’s not something we haven’t seen before. In the past we saw insurance companies trying to become estate agents.”
