Advice firm Foster Denovo expects to replace its departed advisers by the end of the year, a spokesman has said.
According to the national London-based company’s annual accounts for 2014, adviser numbers fell from 90 to 76 during that year. However, a spokesman has confirmed the company has not yet replaced those departed 14 advisers, but said plans were under way to do so.
She said: “Adviser numbers at Foster Denovo are those as reported in the last report and accounts.
“We fully expect more advisers to be authorised by the end of the year, as part of our recruitment drive, and will report on these as and when they happen.”
The spokesman added that Foster Denovo has no plans to make any redundancies or put any staff in consultation.
She also confirmed that sales and marketing director Darren Laverty has left that role and returned to Foster Denovo’s employee benefits division, Secondsight. This decision was taken by Mr Laverty, who remains an equity partner in Foster Denovo.
According to figures from research firm Imas, the number of approved persons at Foster Denovo has been on a steady downward trajectory since November 2010, when it was at a high of 113.
Between November 2011 and November 2014 the company had between 90 and 100 approved persons, but this has since dropped to 76.
In September 2014, three of the company’s partners, including one of the senior employee benefits partners David Pugh, left to start their own firm.
Background
In 2014, Foster Denovo increased its profits after tax from £137,000 to £1.2m and its turnover also increased from £24.9m to £26.3m.
The company has eight offices around the UK and focuses on areas including the charity sector, investment management and financial advice.
In July, Foster Denovo’s chief executive Roger Brosch said he expected the advice market to grow, and said his company had committed to investing in further organic and acquisitive growth in 2016 and beyond.
