Advice demand sparks Bestinvest recruitment drive

Mayfair-based IFA Bestinvest is looking to recruit several investment advisers and managers as it reacts to a growing demand for advice.

Senior investment adviser Adrian Lowcock says the business is seeking upward of five "full financial planning" advisers as well as at least two investment managers, who cater only for clients with portfolios valued at £250,000 or more.

It follows strong business figures for the firm in Q1, demonstrated by an 8.7% jump in ISA sales for the last tax year compared with 2007/8.

"We're looking to strengthen our discretionary management proposition," Lowcock says. "What we're seeing now is similar to what happened in 2003 and the dot com bubble.

"There was a drop in people seeking advice because the initial downturn put people off. But then it started to come back and we're seeing that today."

Within ISAs, Bestinvest says Corporate Bond funds have proved the most popular asset class followed by Equity Income and UK All Companies' funds.

It adds more than one in 10 clients invested their ISA in its Multi Asset Portfolio management service, which provides five funds designed by the IFA to meet specific investor risk profiles, each managed by Bestinvest CIO Graham Frost.

"ISA sales are up in what has been a very difficult year," Lowcock adds. "These figures are ahead of our competitors and really do demonstrate that clients appreciate the personal service we provide."

scott.sinclair@incisivemedia.com