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Foster Denovo in advanced talks over platform launch

Foster Denovo in advanced talks over platform launch

Foster Denovo has said it is in advanced discussions over building a new platform, which would be the "last piece of the jigsaw" for its technology upgrades.

The advice firm swung into profit during 2017, which it attributed to the investments it has made in hiring advisers but also in upgrading its technology.

Roger Brosch, chief executive of Foster Denovo, said: "I think we have been investing heavily in the business for a couple of years now and we are starting to see the growth that we anticipated coming from that.

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"The platform is a very important stage for us. We are in the advanced stage of discussions and are considering our next step.

"It is the last piece of the jigsaw."

Mr Brosch said the company, which currently uses several retail platforms, had a "clear strategy" for what it wanted to achieve with its new platform and he anticipated this process would begin "in the next few months".

He said: "The focus of the investment we have made over the past few years has been on infrastructure. It is very much a full service proposition we provide for our advisers now, we do pretty much everything for them through really well-run, centralised support systems.

"We are now getting much closer to straight through processing.

"I think those are things that have taken a lot of effort and we are starting to see the benefit."

Mr Brosch said the upgrades Foster Denovo had made to its technology would make the firm a much more attractive place for its advisers to work, boosting its chances of growing through recruitment.

Over the course of 2015 Foster Denovo saw a number of advisers leave the firm, hitting its profits, but it has since gone on a recruitment drive bringing its adviser numbers up to 80.