Financial services firm Hargreaves Lansdown (HL) has appointed a new financial advice director.
Richard Caldicott will join the listed firm from M&G Wealth in October, and will head up HL's advice arm. According to the Bristol-based investment company, Mr Caldicott has "extensive experience" in the advice sector, in particular creating and driving strategies which focus on the use of technology.
Ian Hunter, client director of Hargreaves Lansdown, said: “Richard’s background in developing digital led strategies which focus on client experience within the financial advice sector is something we can be really excited about.
"His experience and approach align with the exciting strategy we have for our financial advice offering and his experience will help to drive and improve this offering to clients. I look forward to working with him to develop our advisory services.”
Mr Caldicott said it was "exciting" to be joining HL at "such a pivotal time".
He said: "Making advice accessible and inclusive for all demands new solutions and services, and HL are totally committed to delivering these. As the savings and investment experience continues to be digitised there are huge opportunities to leverage digital development, alongside our advisers, to improve the advice experience.”
The news comes as HL reported a fall in profits amid the difficult economic climate. The company saw underlying profit before tax decrease 19% to £297.5m for the year ending June 30, 2022. Revenue also fell from £631m in 2021 to £583m.
Chief executive Chris Hill said investor confidence had "fallen significantly" in a year of "contrasting moods".
"It was welcome to see signs of recovery from the Covid-19 pandemic, but that sense of optimism has been replaced by new challenges including inflationary pressure, international conflict and a worsening cost of living crisis that is now having an impact on so many lives," he said.
In March, HL said it had seen a surge in the number of ISA millionaires on its books in the last two years. The business said it now has 973 - up 69% from the 576 at the end of 2020.
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