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Charles Stanley aims to double advice headcount

Charles Stanley aims to double advice headcount

Charles Stanley has set itself a target of more than doubling its number of advisers, Andrew Meigh has said.

The company’s managing director of financial planning said Charles Stanley is looking to have between 40 and 50 planners by the end of the decade.

At the moment the company has 21 but Mr Meigh said Charles Stanley is not necessarily looking to acquire to get to its target.

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He said: “If you had asked me this time last year whether we would have to buy a business I would have thought that to get to the scale required we would have had to.

“But we are having no shortage of high quality people being introduced to us.

“We are probably going to be in a position to get to our required scale without relying on acquisition. We are not averse to buying but it is not on the agenda.”

Last month Charles Stanley hired five people for its financial planning arm, including two from Bellpenny, in what Mr Meigh said was the “first wave” of strengthening of that team.

He said the ultimate number of financial planners would depend on how much revenue each adviser brought into the company.

Mr Meigh added: “We have a commitment to becoming the leading wealth manager by 2020.

“Within the context of financial planning, that means we want to grow the number of clients who receive a financial planning solution.”

He said ultimately Charles Stanley wants its financial planning arm to account for 10 per cent of revenue but said this would require “quite significant growth”.