Your IndustryNov 6 2015

More advisers leave Foster Denovo

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More advisers leave Foster Denovo

Another two advisers are understood to have left Foster Denovo despite the national advice firm pledging to get its recruitment drive well under way towards the end of 2015.

In 2014 the number of advisers at Foster Denovo dropped from 90 to 76, according to Foster Denovo’s annual accounts for that year, and it is understood another two have now left.

Harry Corbett is understood to have retired – and the FCA register says he has been inactive since Monday 1 October – while James McDermott is understood to have moved to Berkshire firm PennyMatters, the same firm to which a group of six former Foster Denovo advisers moved in December 2014.

According to the FCA register, a firm called James McDermott was registered as being based at Foster Denovo’s Addlestone registered office but is now no longer an agent of an authorised firm.

A spokesman has confirmed the company has not yet replaced the 14 advisers, but said plans were under way to do so by the end of the year.

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.

A few months later a group of six advisers left Foster Denovo for PennyMatters, including Harvey Clear, Michael Hall, Paul Hodge and Mark Downing.

When asked, Keith Penny of PennyMatters, declined to comment.

In October 2012, Foster Denovo’s chief executive Roger Brosch said the company planned to increase its adviser numbers – then 100 – by 50 per cent.


Foster Denovo was established in 2005 and was subject to a management buyout in 2007.

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 such as the charity sector, investment management and financial advice.