Bestinvest founder John Spiers is planning to offer both a full Financial Planning service and a low-cost 'direct to consumer' offering in a new business venture.

As part of the plans Mr Spiers has acquired the wealth management and Financial Planning arm of Truestone Wealth Management.
Mr Spiers company EQ Investors today announced the acquisition of the Truestone wealth management business founded in 1987 and based in the City of London. Truestone provides Financial Planning services and advises on £500 million of client assets. The cost of the acquisition has not been revealed.
The founder of Truestone, Paul Szkiler, has decided to focus his energies on Truestone Impact Investment Management, which has been developing investment solutions in the developing world.
This move means that John Spiers will regain an executive role in the wealth management sector. Joining him at EQ is Paul Trueman, formerly financial director at Bestinvest. Further appointments will be announced shortly. EQ was advised on the transaction by Brown Rudnick.

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Mr Spiers said: "Truestone is already a great business with a terrific team. I want to help develop it further and enable its expertise to be available to a wider section of the market."

Mr Spiers says that he will soon launch EQ Direct, a new service for investors who are happy to deal with the company via the telephone or email. EQ Direct will be available for lump sums in NISAs and General Investment Accounts from £15,000 and regular savings from £1,000 a month. There will be a wide range of investment options, including the company's 'Positive Impact Portfolios'. Mr Spiers says that charges will be competitive with alternative, similar services.
• Daniel Atkinson, a member of Truestone's technical consultants team, was named Paraplanner of the Year for 2014 at the Institute of Financial Planning's Annual Conference last week.