Financial adviser Just Wealth has doubled the number of wealth advisers it employs, taking on 11 new recruits by the end of the first half of 2022.
Just Wealth, which launched in January 2021, ended last year with a team of 11 wealth advisers and now employs 22 of them.
This number falls a little short of the original goals of the company; as reported by FTAdviser’s Chloe Cheung in May 2021, when Just Wealth said it aspired to employ 28 advisers before the end of 2021.
However, David Magee, head of Just Wealth, said: “Doubling the number of Just Wealth advisers is a great step for the Just Wealth division, and there has been huge demand from the brokers from Just Mortgages looking to refer clients in need of wider financial advice.
“The addition of these experienced financial advisers will ensure we can deliver appropriate wealth advice to more and more clients.”
The advisers for Just Wealth work on a self-employed basis, though they are provided with leads, mentoring, marketing support, compliance, and ongoing training.
According to Magee, this format allows Just Wealth advisers to operate their own businesses and set their own career goals while benefiting from leads provided by the 40,000-strong client base of Just Wealth’s sister firm, Just Mortgages.
He said this format also appeals to wealth advisers who do not have a large existing client base or dislike working within existing firms.
Magee added: “With a huge pool of leads, the main challenge for our new wealth management division is recruiting wealth advisers quickly enough to manage the demand."
He said the new Just Wealth advisers, who are located around the UK, have already begun advising clients.
In July, as reported by FTAdviser, Just Wealth launched a ‘Fast Track Academy’ programme to help qualified paraplanners, technicians, and bank staff move into client-facing roles.
At the time, Magee said: “Client acquisition is the foundation of a successful business but is often the most daunting for a new financial adviser and, anecdotally, we are told the main reason advisers are afraid to strike out on their own.”
The firm has focused on bringing in new and younger advisers to grow the advice sector. The ‘Fast Track Academy’ has been popular, according to Magee, encouraging individuals to become financial advisers.
Just Wealth provides a service that Just Mortgages, which does not have a financial advice outlet for customers, lacks, he explained.
Just Mortgages aims to build clients for life, and the absence of a wealth advice outfit prevented the firm from answering all the needs of its clients.
Just Wealth advises clients on areas such as financial and investment advice, pensions, and corporation tax, which enables Just Mortgages to expand on the mortgage advice it offers.
Sophia Massam is an intern for FTAdviser
