Ex-pat wealth manager seeks UK advisers to double numbers

Ex-pat wealth manager seeks UK advisers to double numbers

Ex-pat wealth management firm Blevin Franks has revealed it is seeking to double its adviser numbers and asset base this year, recruiting UK-based advisers to deal with the 150 elderly clients a year who return to the UK and to staff overseas offices.

Jason Porter, business development director of Blevin Franks, said the international tax and wealth management firm plans to hit £3.8bn assets under management and have more than 40 advisers by 2019.

The business currently employs 21 advisers and is planning to expand on the back of growing demand for investment advice in the likes of France, Spain, Portugal, Malta and Cyprus.

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He said the firm has also found in the last few years that about 150 ex-pat clients a year turn their backs on overseas living and return to the UK. Mr Porter said ex-pats typically return when they are over 75 and are specifically concerned with medical care and passing on an inheritance.

He said the business was looking to expand organically through hiring more UK financial advisers and retaining clients returning to these shores, that they previously would have ceased to advise when they started living here again.

“I was hired to make contact with lawyers and accountants with clients moving abroad, however now the recruitment side is becoming equally as important to us as the demand for our services is not matched by the supply of advisers.

“When you look at our best recruits they were from the UK market because of the levels of qualifications they must have to advise in this country.”

Mr Porter said he hit all his targets last year except recruitment and would not rule out future acquisitions along the lines of last year’s decision to purchase Siddalls France from IFG Group. Siddalls specialised in providing wealth management advice to UK expatriates in France.

Other firms to seek an overseas presence to deal with a growing ex-pat market include St James’s Place, which last year acquired Henley Group, a 50-strong intermediary business based operating of Hong Kong, Shanghai and Singapore.