Money Wise launches joint venture with accountant Taylorcocks

Bath-based IFA Money Wise has launched a joint venture with chartered accountant Taylorcocks.

Money Wise advisers will provide financial advice for the clients of Taylorcocks Wealth Management (TWM), a new company created through the venture.

The advisers will visit Taylorcocks’ offices and train its accountants on what to look for when determining which of their clients needs financial advice. The costs of setting up and running TWM will be split between the two companies.

Malcolm Coury (pictured) managing director of Money Wise, said the link-up would build on the firm’s existing professional connections.

‘It’s the first time we’ve done a joint venture with an accountancy firm or a law firm,’ he said. ‘We get a lot of referrals from solicitors.’

Money Wise also plans to expand adviser numbers from 20 to 28 over the next year, adding staff at its offices in Bath, Portsmouth, Oxford, Farnham, Reading, Bournemouth and London.

‘Our strategy has shifted from the acquisition of businesses to the acquisition of high-calibre individuals, and we are looking to end next year with 28 advisers,’ said Coury.

Coury said Money Wise, which has about 1,500 core clients and total assets under management of £250 million, wanted to hire highly qualified advisers who were focused on taking fees rather than commission.

‘We want to attract diploma qualified IFAs who fit with our culture as we are primarily fee-based now,’ Coury said.