Just Wealth will consist of a team of self-employed advisers who aim to provide a ‘new type’ of service which doesn’t just focus on supporting the wealthiest – but those who need it.

Indeed, the advisers, who have the autonomy to run their own businesses, will use leads provided from Just Mortgages’ 40,000-strong client database – these are people for whom it already provides mortgage and protection advice.

It aims to have 15 advisers by the end of March and at least 25 by the end of 2021. As well as recruiting experienced wealth advisers the business will also be training mortgage advisers to become wealth advisers.

Training is being provided by a Wealth Academy, run in partnership with Openwork, one of the UK’s largest and longest established financial advice and investment networks of which Just Mortgages is a member.

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.

John Phillips, national operations director for Spicerhaart and Just Mortgages, commented: “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.”

Meanwhile 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.”