Two former Octopus Investments managers Joe Payne and Tom Wood have launched a new advice firm.
The duo said the firm, Fortify Wealth, is being built from scratch. It will be based in London and aims to support clients across the UK as well as help bridge the advice gap. They are partnering with M&G Wealth Advice.
Payne and Wood have a combined tenure of 15 years at Octopus Investments.
Payne, 31, was responsible for distribution in the South East of England while Wood, 34, focused on higher-risk tax-efficient investments.
The pair said they are looking to build Fortify Wealth into a trusted brand. The new owners are a bit of an outlier given that they are considerably younger than the average financial adviser of 58 years old.
“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. 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,” said Joe Payne.
“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. We believe that by keeping our clients’ interests at the heart of the company we can build Fortify Wealth into a well-respected and trusted brand,” Tom Wood added.
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