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Imperative to attract best advisers: Mullins

The managing director of Nottinghamshire-based Fiscal Engineers said: “A war is raging over talent. It is critical to business success and yet many firms, while having a sound business model, strategies for growth and indeed relative success stories, fail to pay attention to this business imperative.”

Mr Mullins said the majority of firms were still smaller, independent operators which may not need to fight it out to grow the number of advisers significantly.

However he pointed to the swathe of advisers cut loose from the large banks, such as Barclays Wealth, Co-operative and Axa Wealth in recent years. Mr Mullins added: “There is disenchantment and fallout from larger institutions that may present opportunities for firms such as ours”.

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He said the firm would recruit a high-quality administrator and an in-house paraplanner.

Mr Mullins said: “We have recently recruited a very senior adviser and it had taken several years to find someone of the right calibre. To be clear, the right calibre for us – as with most firms nowadays – not only about technical competence, but also issues of character and disposition.”

He added that James Dickens, who acted as a consultant during Mr Mullins’ 2012 Question of Trust campaign, had joined the firm as its new chief operating officer.

In September Malcolm Coury, director of Bath-based Money Wise, said his firm had missed out on some good advisers at the recruitment stage because the firm refused to be drawn into competing on basic salary.