Former Hargeaves Lansdown executives Alex Davies and Ben Yearsley have introduced a new investment service for high-net-worth (HNW) investors, called Wealth Club.
The new business, which will be based in Bristol, will help HNWIs allocate their assets in a more tax-efficient way.
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By GlobalDataThe service will also offer commentary on markets and advice on tax-efficient investing. Investors can access the service and information on products through the firm’s website.
The new business specialises in offering tax-efficient venture capital trusts (VCTs), enterprise investment schemes (EIS), seed enterprise investment schemes (SEIS) and IHT-focused investment products, as well as providing information to help investors choose the best options.
Wealth Club will be managed by ex-Hargreaves Lansdown director Alex Davies and investment manager Ben Yearsley, alongside three former colleagues including head of client services Sheridan Leech, head of compliance and finance Dave Suckling and head of marketing Marta Caricato.
Yearsley, who 15 years from 1997 until 2012 at Hargreaves Lansdown, joined Charles Stanley Direct as head of research and left the firm in June 2015 after nearly three years. He joined Shore Financial Planning as a non-executive director in August 2015.
Davies, who worked for 15 years at Hargreaves Lansdown, had left the firm two years ago.
Yearsley said: "High net worth investors are being attacked every step of the way and for more sophisticated investors there is a lack of quality impartial information.
"Wealth Club will fill that void – and there are some simple reasons why we believe its time has come. Recently the increase in dividend tax, restrictions on pension contributions and buy-to-let mean people – particularly the better off – are getting hammered from all directions.
"We plan to have a function for clients to log in and see current values for all the products they bought through us, but this is still on the drawing board."
Although the firm will not offer investment advice at this point, the aim is to offer products "with good screening to help people decide for themselves", as well as provide impartial opinion on markets and funds. Yearsley also sees the potential to develop a ratings service in the future.
"Further down the line, we want to have our own exclusive products. We see an opportunity to do tie-ups with providers and can create innovative products, for example through VCT co-investment schemes."
"The idea for the launch came after Davies left Hargreaves Lansdown and found there was a lack of information on how to invest the money he had made from selling shares in the company in a tax-efficient way."
