The company said today that Mr McVitie will be “profoundly missed by his colleagues, his clients and his many friends in the industry.”

Mr McVitie built the company up to become one of the major players in the UK retirement advice sector.

The company announced recently that Mr McVitie would be standing down as chief executive while he fought his illness with his responsibilities shared by senior colleagues.

LEBC Holdings chairman Oliver Bogue said: “I speak for everyone at LEBC when I say that we are all deeply saddened by Jack’s death. 

“Jack had guided LEBC with outstanding stewardship for the past 20 years and always acted in the very best interests of the group’s clients and staff, indeed all stakeholders, putting them at the forefront of all that he did. 

“When Jack and the founding team started LEBC, as long ago as 2000, it had but three branches and a staff of 24; he spearheaded LEBC’s growth, which has seen the business become one of the largest independently owned national IFAs.  Jack McVitie will be sorely missed by everyone who knew him, and our thoughts are with his family through this sad time.”

An LEBC spokesperson added: “Jack was unique and held in the highest regard by competitors, clients and colleagues alike.  We will continue to build on his legacy to make financial advice accessible to all, and to ensure LEBC Group remains at the forefront of innovation in financial advice.”

The board of LEBC holdings have sent their sympathies to his family and have asked for the privacy of family and colleagues to be respected at this time.

Tributes:

Kevin O’Donnell, editor of Financial Planning Today, said Mr McVitie had been a helpful and valued commentator on many occasions and had always stressed his commitment to professionalism. He added: “He built a formidable business and his untimely death will be a shock to many in the profession who respected and liked him. He was both a committed Financial Planner and an entrepreneur. His death is a big loss to the sector and condolences to his many friends, colleagues and family."

Gordon Puckey, managing director of Phoenix Financial PR which handles public relations for LEBC and knew Mr McVitie well, said "Although we had known for days we may have to break this news, confirmation of Jack's death has come as a shock to the Phoenix team, and it's sobering; like me, Jack was just 57. How will I remember him? As a friend, as a very decent and considered man, as a pioneer.....all of those things. But more than that as my most sartorially elegant client and the man who when asked what he'd be if not in Financial Planning said, "Why a priest!" To you Sir. RIP Jack"

Former chief executive of the Institute of Financial Planning and stroke survivor Nick Cann said: "RIP Jack lovely man."

Steve Thompson Chartered MCSI commented on LinkedIn: "I first met Jack in 2004, he was always a very open and warm person who gave me a break when others didn’t. My deepest condolences to his family. RIP Jack."

Alan Mackie, owner of Campbell Mackie Ltd, commented on LinkedIn: "I dealt with Jack back in the late 80’s when I was a Broker Consultant. He was a really decent man to deal with, very sharp sense of humour and a dynamic mind. Very sad news and my condolences to his family and colleagues."

Dominic Grinstead, managing director of MetLife UK, wrote on LinkedIn: "Very sad to hear, Jack was not just a superb business professional but a man of great integrity, intellect and compassion. He will be greatly missed."

Andy Morrey, founder of Any Colour You Want, said: "Very sad to hear this. Jack had the vision to create Bionic Advice, which was how we met. Had many a great lunch with Jack, who combined work and pleasure in the perfect blend. A top gentleman! RIP Jack"