Employee-owned wealth manager and Financial Planner EQ Investors (EQI) is considering significant changes to its ownership which could include sale to a larger business.

The London-based company was acquired by entrepreneur John Spiers, currently chairman, in 2014.

He has now engaged a corporate finance adviser to provide guidance on future ownership strategy.

Mr Spiers said in a statement that his original plan had been to retain ownership indefinitely, with shares eventually passing to a charitable donation on his death.

However he now believes there may be “significant drawbacks” to this strategy.

He said: “When I acquired EQ Investors (EQI) in 2014, my firm intention was to retain ownership indefinitely, with my shares eventually passing to The EQ Foundation (EQF) upon my death. This decision stemmed from my experiences following Bestinvest's acquisition by private equity firms.

“While there are benefits to a business being controlled by a charitable foundation, there are also significant drawbacks. A charity may struggle to add value to the enterprise or provide additional capital if needed. Its primary focus is typically on maximizing immediate income, which may hinder long-term growth. As a result, I am less certain that EQF becoming the major shareholder of EQI is the optimal path forward.”

Mr Spiers says he also believes that AI could be a force to drive huge change in business and this might provide “enormous opportunities” for EQI to pursue.

Because of these factors he says that an “organisation with larger resources can help us to capitalise on these even more effectively.”

Mr Spiers says any change would focus on preserving EQI's “core values”. The firm describes itself as “ethical Financial Planners and investment managers.”

Any options pursued would only be followed if they enhance the firms ability to serve clients more effectively, he said. He added that EQI is a successful and profitable business and under no pressure to conclude a transaction.

He said: “This process is ongoing, and we are exploring several promising possibilities. Ultimately, any decision to partner with a larger organisation will only be made if it benefits our staff and clients. We will not be making any further comments until this process is over.”