Two former Octopus Investments sales managers have set up their own advice firm via the M&G Wealth advice academy.
The firm, Fortify Wealth, has been set up by Joe Payne and Tom Wood, both of whom had previously held sales manager positions at Octopus, with a combined tenure of 15 years.
As part of the firm’s launch, Payne and Wood are building a client base from scratch, which they have decided to do organically rather than joining an existing firm or buying a book of clients.
Having worked with financial advisers across different networks, nationals and service providers, Payne and Wood opted to partner with M&G Wealth Advice.
Wood said: “Building my own business has been a life-long ambition. Being able to do this in an area I am passionate about and alongside someone who has the same core values as me is a bonus.”
He added that he and Payne believed by keeping their clients’ interests at the heart of the company, “we can build Fortify Wealth into a well-respected and trusted brand”.
While at Octopus, Wood ran London City, managing a team of 11, while Payne looked after distribution in the South East of England.
They additionally pointed out that, at 31 and 34 years old respectively, both Payne and Wood are considerably younger than the average financial adviser of 58 years old.
However, their comparative youth is not a worry for Payne, who said: “It is easy to see why there are few younger advisers entering the market. Increased regulation is making it more difficult than ever for advisers to set up new firms.”
He added: “Similarly, when starting from scratch, having an adequate financial buffer (especially during a cost-of-living crisis) to support you in the early years is essential.”
Fortify Wealth is a London based financial planning firm with aspirations of growing to support clients across the UK.
tom.dunstan@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
