Just Mortgages has launched a wealth division under the stewardship of David Magee.
Magee, who brings over 20 years of experience to the role, will have the remit to grow Just Wealth, bringing in new advisers and offering a new type of service, that doesn’t only look after the wealthiest but caters for all those who need it.
Advisers in the new division will advise nationally through face-to-face meetings, video conferencing and calls. The new wealth division enables Just Mortgages to build on the expert mortgage advice it currently offers. They will now be able to provide holistic wealth advice, including financial and investment advice and retirement planning. The wealth advisers will be able to refer their clients to mortgage brokers within Just Mortgages and vice versa.
Just Wealth aims to have 15 advisers by the end of March and at least 25 by the end of 2021.
Having started his career as an IFA focusing on wealth management, Magee already has a track record of growing wealth management firms, having previously done the same for Skipton Building Society. He was instrumental in setting up Skipton Financial Services home-based wealth management division in 2004 and directed its growth.
Just Wealth’s team of advisers will all be self-employed and have the autonomy to run their own businesses, but will also benefit from business development support, supervision and compliance. They also receive leads provided from Just Mortgages’ 40,000-strong client database; these are clients that it already provides mortgage and protection advice to.
Just Wealth will be recruiting experienced wealth advisers to provide them with new opportunities to run their own businesses and be in charge of their own careers. Just Wealth will also train mortgage advisers to become wealth advisers. This training will be provided by a Wealth Academy, run in partnership with Openwork.
Openwork and Just Wealth will cover the entire fees for the course and provide all the training manuals and materials needed to pass the course.
Magee said: “Having a new wealth management firm launch is really exciting for the UK. Just Wealth will be a real shot in the arm for the industry as we will not only provide new opportunities for existing wealth advisers but also bring in new blood and expand the talent pool. There are currently not enough wealth advisers to serve those clients in need of professional advice, so bringing in new talent is crucial.
“Alongside the new talent that will be trained through the academy, we will also recruit entrepreneurial wealth advisers who want the shackles taken off. This will be a great stepping stone for advisers ambitious to set up their own business but who would welcome the extensive support we will provide; along with compliance, business development and training support, we will also provide leads. This is a huge opportunity as our parent company, Just Mortgages, has a massive database of potential clients, which our wealth advisers can provide expert advice to.”
John Phillips, national operations director for Spicerhaart and Just Mortgages, added: “The Just Mortgages and Just Wealth divisions will work together to provide a seamless service for clients. Being able to offer holistic advice will mean that we can always provide well rounded advice to clients who can come to us for all their financial needs.
“Having such an experienced hand at the tiller is ideal for the new division. David has already shown he can build a wealth management division and with the support of Just Mortgages and our existing client base, we are certain we can meet our ambitious targets.
John Cupis, mortgage & protection director at Openwork, added: “Openwork is delighted to be partnering with Just Mortgages, the biggest mortgage firm in our network, on this new venture. Supporting and nurturing talent in the finance world is an absolute business priority for us as an organisation. We are looking for individuals with an interest in the mortgage industry to develop their skills and become expert mortgage and wealth advisers.”