Flying start for FiveWays
Five advisers have launched FiveWays Financial Planning, a new IFA business, in Weston super Mare. Two former directors of Churchill Investments, Chris Gilchrist and Stephen Poland, are involved in the new venture, which aims to benefit from impending changes in regulation of advice by offering a clear fee-only proposition to clients.
Jim Bloodworth, Jon Lawson, Ian Evans, Richard Forrest and two administrators from Churchill have also joined FiveWays. The company starts life with some 600 clients and is negotiating joint ventures with two law firms. Its business model is entirely fee-based with the bulk of client assets held in wrap accounts.
Says Chris Gilchrist: “Our aim is to build an independent advice business with services targeted at people who are prepared to pay fees provided they get top-quality personal service, communications and advice.”
Adds FiveWays director Jim Bloodworth: “Our advisers will be employees and will in due course have the opportunity to buy equity in the firm. We are all in this for the long term and expect to be profitable by the end of our first year.”
Chris Gilchrist, former financial journalist, is the author of the Taxbriefs adviser guide ‘The process of financial planning’. He was a co-founder of Churchill Investments in 1996 together with Jamie Ware and Mark Dampier and left Churchill in 2011.
Jim Bloodworth was a senior account manager at Standard Life from 1990 until he became an IFA in 2008.
Stephen Poland was an adviser with Sedgwick Noble Lowndes in the 1980s and became a director of Churchill in 2000.
FiveWays Financial Planning Ltd is an appointed representative of The Whitechurch Network Ltd which is authorised and regulated by the Financial Services Authority.