Surrey-based Chapters Financial has taken on a former Lloyds Bank financial adviser to help it cope with growing demand from potential clients wishing to leave firms that are not ready for the retail distribution review (RDR).
Simon Hewitt, who worked at Lloyds Banking Group for two years, held discussions with Chapters Financial about becoming a financial planner at the firm before the bank made the decision in September to cut its investment advice to the mass market from November. He worked as a financial planner at Surrey-based Informed Choice in 2010.
Keith Churchouse (pictured), director of Chapters Financial, said: ‘We are well placed post-RDR. We are already experiencing enquiries from clients who say they cannot locate or contact their old advisers and ask if we can take them on.
‘We’ve had three enquiries in 12 hours and I can see the number climbing all the time.’