Five leave Plymouth-based firm over 'unworkable' fees structure

Nicola Brittain
clock

Plymouth-based Financial Management Services has seen five staff walk out because they found the the fees structure required by RDR 'unworkable', according to managing director Ken Hayden.

There are three remaining staff at the firm, Paul Freeman, Stuart Southworth and Hayden himself. Of the staff that left earlier this year, Liz Brown and Rob Clayton Smith have joined Financial Network, and Sue Keaty, Simon Searle, and Paul Thorn have joined other firms.  The five took between 30% and 40% of the overall client base (about 100 clients). The staff left following what Hayden described as a 'breakdown in relations' following the imposition of a fees structure two years ago. He said: "The staff were required to log their time, just ten hours a week, against client fil...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

AI will not replace paraplanners even as 'traditional' roles change

AI will not replace paraplanners even as 'traditional' roles change

Upskilling is vital, conference hears

Sahar Nazir
clock 30 January 2025 • 2 min read
AI and advice: Financial advisers must adapt or 'be left behind'

AI and advice: Financial advisers must adapt or 'be left behind'

The technology ‘should be seen as a massive area of growth’, delegates told

Sahar Nazir
clock 30 January 2025 • 2 min read
CII exams delayed as IT upgrade takes services offline

CII exams delayed as IT upgrade takes services offline

IT systems offline for next two weekends

Jenna Brown
clock 30 January 2025 • 1 min read