Sanlam Private Wealth, the new name of Buckles and Merchant, is planning to boost its advisor numbers to 200 by pushing forward its graduate recruitment drive, according to media reports.

Sanlam’s UK distribution head, Nigel Speirs, who refers to the graduate programme as "bedrock" of the business, said the company will pick up the pace in 2012 as it looks to expand its advisor workforce to 200 by 2015, said a report by IFAOnline.

Speirs stressed that graduates will make up the "lion's share" of its advisor force, said the report. Around 60 per cent of the firm’s advisors are said to be level 4 qualified; Speirs said all of his advisors would be level 4 qualified by 2013, said the report.

Last week news emerged of the rebranding, which was said to take place in order to bring the firm in line with its parent company, Sanlam Group.