The firm are on the lookout for Independent Financial Adviser Firms (I.F.A’s) to become part of their growing business, especially those situated in Gwent.
The move comes in the wake of the introduction of new industry guidelines relating to the switch from commission to fee-based advice.
The Retail Distribution Review (RDR) comes into force at the start of 2013. The review prohibits commission being collected on any investment and pension funds.
Financial advisers such as IFAs will instead agree their fees directly with their clients.
One result of this shake down in the industry is that many mature IFAs, faced with sitting for new qualifications, may decide to quit the industry or else join a larger firm.
Industry figures show that currently some 50 per cent of IFAs meet the new criteria. The FSA ( Financial Standards Agency) expects 18 per cent of existing IFAs to leave the industry
Gerald Davies, Managing-Director of Kymin Financial Services Ltd., said there are hundreds of adviser firms throughout the county, all of whom face the new system of regulation and fresh challenges from January 2013.
Last year Kymin acquired the business of Hancock Life and Pensions, a long established IFA, trading from premises in Chepstow Road. All of Hancock’s staff now work from Kymin’s head office at 35 Bridge Street.
Mr Davies said: “We are now looking for advisers who share our principles of putting the client first. There are many good advisers who are looking to provide a continuing high level of service after the introduction of RDR. We are happy to talk to them, without any pre-conditions and in the process grow our business still further.
“Many advisers will want to go on looking after their clients but without the increasing burden of running their own business. Kymin can arrange this.
“We especially want to talk to advisers nearing retirement. Kymin has a most attractive proposition for IFAs in this position.”
One fall out of the new regulations is that clients of IFAs that decide to leave the industry could be left high and dry without an advisor and any ongoing financial advice.
Mr Davies said: “For the clients of such firms the position is equally positive. We have advisers living throughout the Newport and Monmouthshire areas. So, we are well placed to offer a continuing service to clients but with the additional specialist advice available from our Bridge Street, Newport, head office.”
Kymin Operations Director, Robin Hall, said: “Kymin is enjoying a record year with a 50% increase in gross profits. It is clear that people are looking for honest, straightforward advice, free from industry jargon, and this is what we seek to provide.”