The hub launched last week, with ‘people management support’, the first service offered.

HR can include full outsourcing if required, Bankhall told FP Today, or something more flexible, depending on the needs of the firm and how they wish to utilise the services.

Stephen Gazard, managing director at Bankhall, said: “Firms are telling us that regulatory compliance is not the only issue which keeps them awake at night. Many firms are looking to continually improve the customer experience and enhance their role as Financial Planners; others are looking to strengthen their business’s infrastructure.

“The problem is that many business owners are so busy working in their practice day-to-day that they don’t make sufficient time to work on their business. Bankhall Business Bureau offers firms a solution by providing firms with the quality of services they need to unlock their firm’s full potential.”

The People Department’ promises “specialist support and advice from HR experts who are experienced in the financial services environment”.

The bureau has been “designed to help advisory firms successfully achieve their long-term goals by taking a more strategic approach to business planning and operating more efficiently and professionally”.

Other services will include marketing.