Attivo to double number of staff in major expansion
Cheltenham-based financial advice firm Attivo Group has announced plans for a major expansion in 2015, its chief executive has said.
Stephen Harper has confirmed he intends to double Attivo’s staff numbers over the course of the year.
He said this would amount to a payroll increase of around £2.5m which would see the firm grow by 80 members of staff.
Mr Harper said: “Our ratio at the moment is amost 10 to one back office staff to advisers, and this growth will be the same.
“I think this really differentiates us from the rest of the industry. Growing the assets under management is the ultimate goal, but we have got to get the engine room in place first.
“It is really exciting for us because this year we are up 50 per cent on last year’s turnover.”
Mr Harper said that in 2014 his company bought six businesses, and the firm’s plan for this year is 12.
The former Royal Navy engineer said his firm’s expansion strategy was based on buying up businesses from retiring IFAs or those leaving the industry.
However, he said: “If we don’t find the right firm, then we won’t buy it.
“A small business cannot exist in the financial services sector any more – for example, you cannot deal with compliance as well as a big firm.
“If you think we have seen consolidation in the industry you have not seen anything yet – wait for the next three or four years.”
Background
Attivo Group was founded in 1998 by Stephen Harper.
More than 60 staff are based in its Cheltenham head office and it also has a number of regional offices in London, Bristol, Tunbridge Wells and Manchester.
It now has several subsidiary businesses which specialise in pensions, investments, wealth management and property.
In April, the company completed its acquisition of Middlesex-based Anthony Etkind & Co.
Adviser view
Sebastian van Mook, financial adviser at Shrewsbury-based Abacus Associates, said: “What is the best way forward from a client’s perspective when a firm has been bought out? There is the issue of client ownership, no one owns a client, it is a myth. A client has freedom to go anywhere, however most IFA firms are still built on client ownership.”
