John Westwood, founder and group managing director, said the expansion is part of a plan to become “the leading independent wealth management company in southern Europe”.
Named to head up the expansion, as country manager for Portugal, is William Offen, who will be based in the company’s Quinta do Lago offices. Prior to coming to Blacktower, Offen had been a managing partner in various offices of the deVere Group, including its Algarve operation, for the past five years.
In addition to expanding the number of qualified advisers operating in Portugal to eight from four, the company also plans to open an office in Lisbon, probably by the end of June, Westwood said.
Until now, Blacktower has focused mainly on Portugal’s southern Algarve region, which has long been a favoured holiday and retirement destination of British expatriates and others, mainly from northern Europe. Oversight of the company’s Portuguese operations was previously handled by Westwood, who will continue to be involved in the business, as he has personal clients there as well as a home.
In an effort to introduce Blacktower to prospective clients who might not yet be familiar with it, Offen said, he plans to “introduce a free advice clinic and appraisal service”, which would take place either at Blacktower’s offices or at the individual’s home.
This service will be available to current clients as well as individuals who are not yet Blacktower clients, on an ongoing basis.
Offen said his view was that clients “need to be constantly in touch with their finances, and thus should have regular appraisals, a minimum every three months.”
Blacktower has bases in the UK and Gibraltar, and is regulated in both jurisdictions. It was initially founded in London by Westwood and three colleagues in 1985, and expanded into Southern Europe in 2000 after Westwood and his wife bought a holiday home in the Algarve, and spotted a market for high-quality advisory services there. In addition to the UK, Gibraltar and Portugal, Blacktower has offices in Spain, Italy, France and Germany.
