Scotland’s Johnston Carmichael Financial Services has restructured its leadership team, appointing Craig Henry as managing director of the wealth advisory arm of its accountancy business.

The previous managing director of the wealth advisory division of Johnston Carmichael was Mike Clark, who will now become chairman of the overall group.

Henry, who is being promoted from director and financial planner, has been with Johnston Carmichael Financial Services since 2001. His new appointment will see him oversee a team of 30 across twelve offices in Scotland.

The firm is known to be aggressively eyeing expansion and sees the wealth advisory sector in particular as being ripe for growth since many of the big banks have backed away from providing these services for those lower down the wealth scale. The increased regulatory burden and general cost pressures have forced many firms to focus only on the most lucrative client segments; the idea of a post-RDR “advice gap” has been kicked around for some time now by those who fear the reform package may fall prey to the law of unintended consequences and force many to forego advice completely.

One of the RDR's headline changes was a ban on commission payments in favour of upfront fees.