Sandringham Financial Partners is on track to achieve its target for adviser recruitment despite losing some intermediaries, the firm’s chief executive has said.
Tim Sargisson, chief executive of Sandringham, said the Yorkshire-based company is currently “just shy” of 150 advisers and expects to end the year with around 160.
He said: “We will be losing people who have not stepped up to the plate and we are looking to bring in partners who are better aligned with what the business is looking for.
“Our growth plan is to put on about 77 new partners and we are on track to do that.
“Being one of our partners is about understanding what good looks like in terms of consumer outcomes.
“We are a small national and we have no plans to have thousands of partners. I don’t think we would need beyond 250.”
Mr Sargisson said being a small player in a big network might mean a firm might not get the “attention” they need to grow their business.
He said most of the firms to join Sandringham recently have been moving from other networks and nationals, though a few directly authorised advisers have also joined.
Mr Sargisson said the company’s restricted status has been “a hurdle” for some advisers.
He said: “We have to talk to people about what restricted means for us. Our restricted model is all about managing the risk process.
“Advisers are starting to understand that clients don’t understand about restricted or independent advice - they care about getting good service from someone they trust.”
Sandringham was launched in 2012 with financial backing from Ken Davy, who is chairman of SimplyBiz.
Mr Sargisson, the former managing director of James Hay Partnership, joined the company last year.
He also said it was still the company’s intention to float on the Aim but said this would “certainly” not happen in the next three years but “possibly” in the next five.