Standard Life has launched its financial planning business, 1825, following its purchase of Pearson Jones earlier this year.
In a reference to when the life company was founded, 1825 is to now undertake a recruitment drive in a bid to reach the “critical mass” needed to allow it to run as a nationwide service, a spokesman said.
Standard Life would not put a fixed number on how many advisers it wanted, but it is estimated to be looking to take on 150 advisers, although no timescale has yet been announced. It currently has 37 advisers and paraplanners.
Steve Murray, chief executive of 1825, said: “It has never been more complex for people to save, retire and plan for the future, so quality financial advice has become a must-have for many.”
The new advice firm provides five investment strategy portfolios, ranging from low risk to high risk, run by Standard Life Investment’s investment director James Millard and its fund and research manager Matthew Webber.
A spokesman for Standard Life said the cost of the service would depend on the complexity of the client’s advice needs.
Background
1825 has offices in Edinburgh, Leeds, Sheffield, Bishop Auckland and Reading.
Pearson Jones plc was bought by Standard Life in February.
Before buying Pearson Jones, Standard Life sold its 10 per cent stake in SimplyBiz in 2013, its 15 per cent holding in 2Plan during 2010 and, also in 2010, it divested its 20 per cent stake in RSM Bentley Jennison.
