deVere Group, under the deVere Spain brand, is to launch imminently in Portals Nous.
The office will be headed by team leader, Michael Jacobs, who will report directly to deVere Spain’s senior area manager, Andrew Oliver.
Mr Jacobs is relocating to Mallorca from Milan, where he spent 10 months with deVere Italia as senior wealth manager.
A spokesman said: “deVere previously withdrew from the Mallorca market several years ago due to recruitment issues, which have now been overcome.
“Indeed, it is already proving to be a popular destination for talented financial advisers seeking to work with high net worth clients.”
Mr Oliver said: “We’re absolutely delighted to welcome someone of Michael’s calibre and professional expertise to our new office in Mallorca, where there is increasing demand for deVere’s specialist cross-border financial advice.
“Much of his focus will be on the vibrant yachting community in and around Portals Nous and Palma.
“Together with him being a talented wealth adviser and senior-level business manager, Michael has an intimate personal and professional knowledge of this market, being an expat himself for many years and having lived around some of the world’s best-known ports and marinas.
“He is superbly-placed to know the major financial opportunities and potential challenges that exist for internationally-focused investors.”
Mr Jacobs said: “I’m excited to be in Mallorca with deVere – an organisation with an enviable client-centre culture and the highest-level business practices.
“On a personal level, it’s fantastic to be on this perennially popular island that I’m passionate about and working with those in Mallorca’s booming yachting sector.
“With already high demand and with it being on an upward trajectory, we will be looking to recruit some talented financial advisers, and ambitious graduates who are looking to start a rewarding career, to join the team here in Mallorca.”
In December Nigel Green, deVere Group founder and CEO, said: “In 2019 we will be rolling out an ambitious horizontal and vertical growth strategy.
“The strategy will further galvanise our position as the dominant global firm within the international financial advisory industry.”