Mr Fox, from Fulwood, will help the wealth management group achieve its aim of reaching £1billion of client assets under advice within five years. It currently has more than £700million under management.

He will be based at Ludlow’s Preston office and joins the group following a career with Raymond James in his role as wealth manager and financial planner.

Sid Ludlow, chief executive of Ludlow, said: “Stephen’s depth of investment knowledge and client experience makes him a real asset to our group. His appointment will help us to meet growing demand as we continue to develop and expand alongside helping our clients to live their lives.”

Stephen added: “I’m joining Ludlow at an exciting time but what particularly attracted me to the role is the company’s excellent reputation and its firm commitment to service and satisfaction, putting the client at the centre of everything it does. Many of Ludlow’s team and clients have been with the firm for a significant number of years and I’m looking forward to building on such long term relations with both clients and professional connections.

Earlier this month Ludlow also hired Darren Scoon from Principal and Prosper Ltd to develop the firm’s client base in Scotland.