Adviser network True Potential has changed the focus of its recruitment strategy, one of its partners has said.
Daniel Harrison said the Newcastle-based network is now focusing on recruiting directly authorised advisers.
He said: “We have not recruited anyone who is directly authorised for two years, and we think there is fragmentation in that market. We think now is the perfect opportunity to look at it again.”
He added that with this “strategic switch in focus”, if someone “fit and proper”, who fitted the firm’s criteria, were to come “knocking on the door”, the firm would take them on.
As of October 407 approved people were members of True Potential, according to data from Imas Corporate Finance. This is up by approximately one-third from the same time last year, when it had 309 approved people as members.
Clive Thompson, IFA for Lincoln-based Serenity Financial Planning, said: “We are a directly authorised firm, and we have been with a network, and if I had the choice I would be directly authorised all the time.
“I do not see what added value a network brings apart from possibly the technology.
“There has been a trend towards direct authorisation in the wake of RDR and maybe that’s where the greatest pool now exists, rather than poaching from other networks.”