The South West wealth management company linked to the redevelopment of Exeter’s landmark former House of Fraser store has reached a significant milestone by having more than £1bn of assets under management.
Prydis Wealth is the wealth management division of Exeter-headquartered multidisciplinary professional services firm Prydis, which took control of the 70,000sq ft department store when troubled retailer House of Fraser moved out in 2019.
It is now undergoing a £40m transformation into a luxury boutique hotel restaurant, bars and spa complex, including a High Street shopping parade, masterminded by owner Plaza Properties Ltd, a firm which shares an address and directors with Prydis.
Meanwhile, Prydis Wealth continues to prosper and Liz Andrews, director of financial planning, said: “This significant milestone has been part of our strategic growth plans over the past two years, which have been ambitious. The growth has been through a mixture of key recruitment and organic growth.”
James Priday, managing director, added: “The rapid and sustainable growth has been possible because of our focus on, and continual improvement of, our systems, processes and support team that provide our advisers and clients with a consistent and proactive service. We embrace technology in everything we do”.
The core Prydis Wealth team comprises seven advisers and an operations, compliance and support team of 16, half of which have been employed in the past two years.
The £1bn milestone has been contributed to by Prydis Wealth’s subsidiary Financial Solutions which was launched by James Priday, to provide IFAs with the back-office support and systems that have made Prydis Wealth such a success.
He said: ‘Financial Solutions provides a regulatory home for our members, allowing the advisers to focus on their businesses, continue to provide their clients with a great service and maintain the independence they enjoy without the additional pressures of report writing and administration.
“Many of our advisers have come to us through word of mouth from their peers, which is testament to the great support our team provides.’
Prydis Wealth also has a sister company, P1 Investment Management, which provides digitally-enabled investment management solutions to external wealth management firms and has also seen rapid growth in the past two years.
With more recruitment on the horizon at Prydis Wealth and continued interest from advisers to join Financial Solutions the growth plans will not stop at the £1bn milestone and 2022 looks set to be a year more growth targets are smashed, the firm said.
Prydis is a multidisciplinary professional services firm offering clients wealth management, legal, accounting, tax and commercial financial broker solutions.
This integrated approach means it can support clients to help maximise their wealth and achieve their financial objectives in a cost effective and efficient way. Its 86 staff, comprising technical experts and support and operational teams, are located across offices in Exeter, Edinburgh, Liskeard and Newquay.
