SILSDEN is unlikely to be high on most people’s list as a hotbed of financial technical expertise.

But the success of an investment research group with its roots firmly in the town is doing its best to change that.

Rayner Spencer Mills Research has for the past decade quietly been building a growing reputation for its know-how which now enables it to compete with City big-hitters.

RSMR provides investment research services to both financial advisors and asset fund managers. Its expert team analyses and rates a range of investment funds to help financial advisors make recommendations to clients.

Also, the RSMR logo is now highly respected by asset fund managers whose organisations pay the firm to adopt it as a quality assurance on materials promoting their products to advisors who, in turn, recommend funds to investors.

Geoff Mills, one of the firm’s three founding directors, said: “Financial services legislation is putting more onus and responsibility on advisors to make sure that when they make recommendations they have done the research and analysis to determine as far as they can that the products and services they are recommending are ‘best in class’. They need help to do that .”

RSMR came about through the frustration of three Bradford & Bingley specialists analysing investments, pensions and life assurance products when the bank abandoned its independent financial advisor status and tied to Legal & General.

Mr Mills said: “I and my and colleagues Ken Rayner and Caroline Spencer felt there was a market to provide that sort of research and analysis to financial advisors.

“We had a one page business plan and, looking back, I suppose we were naive and perhaps slightly reckless making the decision to start our own business.

“The early work we did in helping asset management companies to improve products put us in touch with advisors and we built up a network of advisor contacts which allowed us to realign the business model and offer services specifically to them.”

Since 2006, RSMR has gained more than 12,000 financial advisor clients to which it provides free-to-view online research and analysis on a range of investments.

Mr Mills added: "It may seem quirky for a business of this type to be based here but I believe you get a lot more out of people in an environment like this than in London.

"Over time we’ve demonstrated to those who wondered who these Yorkshire upstarts were that we do know what we’re doing.

“Where we were once the new kids on the block, I believe now that we are level pegging. Asset managers and advisors recognise RSMR as much as they do global fund rating companies like Morningstar."

The fact that RSMR has expanded to a team of 12 with a £1.2 million turnover is proof that its approach has succeeded.

Next month the firm will hold its first investment conference in Harrogate to mark the tenth anniversary.