Tower looks to double adviser numbers in next two years

Tower Investments chief executive Sam Stubbs said the company's "clearly" going to be a Qualifying Financial Entity under the new regulations, and will use this to help it boost its number of financial advisers from 70 to 140 in the next two years. Stubbs expects customers' demand for more conservative products, such as Tower's range, will remain strong, and this has underpinned the company's strategy to aggressively expand its financial advisory services.

"We will be more aggressive, and that's why we want more advisers," Stubbs told Good Returns. "We have a lot more demand for products than our ability to supply them."

Stubbs does not think having QFE status will let advisers avoid the new burdens placed on them by the government's new regulations for the industry, rather it will force companies to keep their customers and happy and maintain the strength of their brand: "Being a QFE doesn't grant confidence."

With the recent knocks to the public's perception of the industry, including the collapse of the finance company sector and the Consumer mystery shopper survey, Stubbs said Tower is well-placed to take advantage of softer risk appetite among investors who are looking for conservative and transparent investments.