"There are currently not enough wealth advisers to serve those clients in need of professional advice, so bringing in new talent is crucial."
Just Wealth aims to have 15 advisers by the end of March and at least 25 by the end of 2021. The team of advisers will all be self-employed and have the autonomy to run their own businesses, but will also benefit from business development support, supervision and compliance. They also benefit from leads provided from Just Mortgages’ 40,000-strong client database.
Just Wealth will be recruiting experienced wealth advisers and will also train mortgage advisers to become wealth advisers. This training will be provided by a Wealth Academy, run in partnership with Openwork. Openwork and Just Wealth will cover the entire fees for the course and provide all the training manuals and materials needed to pass the course.
Advisers in the new division will advise nationally through face-to-face meetings, video conferencing and calls.
Just Wealth will be headed up by David Magee, who brings over twenty years of experience to the role. Having started his career as an IFA focusing on wealth management, Magee already has a track record of growing wealth management firms at Skipton Building Society. David was instrumental in setting up Skipton Financial Services' home-based wealth management division in 2004.
David Magee said: “Having a new wealth management firm launch is really exciting for the UK. Just Wealth will be a real shot in the arm for the industry as we will not only provide new opportunities for existing wealth advisers but also bring in new blood and expand the talent pool. There are currently not enough wealth advisers to serve those clients in need of professional advice, so bringing in new talent is crucial.
“Alongside the new talent that will be trained through the academy, we will also recruit entrepreneurial wealth advisers who want the shackles taken off. This will be a great stepping stone for advisers ambitious to set up their own business but who would welcome the extensive support we will provide; along with compliance, business development and training support, we will also provide leads. This is a huge opportunity as our parent company, Just Mortgages, has a massive database of potential clients, which our wealth advisers can provide expert advice to.”
John Phillips, national operations director for Spicerhaart and Just Mortgages, commented: “The Just Mortgages and Just Wealth divisions will work together to provide a seamless service for clients. Being able to offer holistic advice will mean that we can always provide well rounded advice to clients who can come to us for all their financial needs.
“Having such an experienced hand at the tiller is ideal for the new division. David has already shown he can build a wealth management division and with the support of Just Mortgages and our existing client base, we are certain we can meet our ambitious targets.
Carl Parker, national director of the self-employed division who will oversee Just Wealth, added: “We want to support brokers who are looking to transfer their existing skills into wealth management and the academy allows us to do this. The course is demanding and takes around a year to complete, but with the support of Openwork, we will provide all the support and training materials to ensure students can succeed.”
