A new wealth advice company has been created by John Spiers, the founder of Bestinvest.
Called EQ Investors Group Ltd, it is effectively the financial planning arm of Truestone which was acquired for an undisclosed sum. EQ starts business with 45 staff and £500 million of client assets. EQ has no external advisers and is owned by the staff, most of whom have chartered status.
John Spiers, who takes on the role of CEO, said: “People are rightly fed up with financial institutions which put their own short term gain before their customers’ long term interests. It is time for a wealth advice service that puts the customer first. We believe that a company which is socially responsible and free of short term pressures from outside shareholders will deliver better returns for its clients.”
On the formation of the new company, Mr Spiers said: “I have a very clear vision of the kind of wealth advice company desperately needed by an increasing number of people. Changes to regulation have meant that financial advice has become too expensive for all but the very rich and at a time when people need professional advice and guidance more than ever.
“EQ now has a strong foundation which we can build into a genuine alternative in the wealth advice arena with a different philosophy and approach. We will help to fill that gap by making advice more accessible, focusing on maximising returns over the long-term and offering value for money products driven by an efficient use of technology. And we will do it in a way that also makes a wider contribution to society through the formation of the EQ Foundation.”
The company will have two main divisions, EQ Wealth and EQ Direct.
Mr Spiers has over 40 years’ experience as an investment professional and founded Bestinvest in 1986, building it from a start-up to over 50,000 clients with assets of over £3bn. He is a Fellow of the Securities Institute.
The second arm of Truestone, Truestone Impact Investment Management Limited, remains with its founder, Paul Szkiler.