Tue, 11 Oct 2022 | BUSINESS SALE
National financial planning firm Perspective Financial Group has continued its acquisitive growth with a triple deal bringing in £70 million in assets under management (AUM) and 290 new client households. The firm has also revealed it has its “biggest ever pipeline of acquisitions” in place for the coming 18 months.
The group has acquired Redcar-based Esk Valley Financial Services, which has 150 households as clients and £30 million in AUM. The firm, which was founded in 2002, largely serves rural and farming clients in the North East.
Secondly, Jeff Thurlbeck will join the group as a financial planner. Thurlbeck, who serves clients in the Richmond and Barnard Castle areas of North Yorkshire and County Durham, brings 100 clients as households and £20 million in AUM.
Finally, the group has acquired Nottinghamshire-based Paul J Flynn. The firm, previously part of the Quilter network, has 40 households as clients and £20 million in AUM. The company’s client base will now be served by one of Perspective’s South of England offices.
Perspective has been among the most active buyers in the ongoing surge of UK wealth management M&A. The company, which passed the milestone of 50 acquisitions earlier this year, has significantly upped its acquisitive activity since being backed by CBPE Capital LLP in 2019.
The company’s acquisition strategy takes advantage of several trends currently defining the UK’s wealth management sector, including a growing regulatory burden on smaller independent financial advisers (IFAs) and an ageing population of IFA owners. The firm often targets acquisitions in which an owner is looking to retire, as is the case with both Esk Valley Financial Services and Paul J Flynn.
Commenting on the acquisitions, Perspective Chief Executive Ian Wilkinson (pictured above) said: "This latest trio of acquisitions demonstrates our strong appeal to small, high quality firms and individuals, where we offer an excellent future for the client banks they have carefully built and cherished over several years.”
"We're delighted both retiring advisers and those wishing to continue practicing but wanting to spend their time providing advice to clients rather than running their business, see the appeal of becoming part of Perspective. Our ability to combine the benefits of local offices with the strengths of a national firm, including succession planning and regulatory expertise, remains very attractive to vendors.”
"We have our biggest ever pipeline of acquisitions both large and small over the next 18 months and relish the opportunity to grow Perspective at scale and pace."
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An exciting opportunity to acquire a well-established independent financial advisor firm with £125m in funds under management in Wiltshire.
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