Thu, 17 Mar 2022 | BUSINESS SALE
Acquisitive wealth management firm Perspective Financial Group has hit the milestone of 50 acquisitions after announcing four new takeovers. Perspective says the deals add a total of £335 million in new assets under management (AUM) and 915 new households as clients.
Perspective's latest acquisitions are: Searchlight Investments Ltd, which brings 430 new clients and £175 million AUM; TCS Life and Pensions & The MGroup Financial Services Ltd, bringing £58 million AUM and 175 clients; Andrew Whitehouse, with £10 million AUM and 35 clients and Stafford Wealth Management Ltd, which brings 275 clients.
Perspective CEO Ian Wilkinson (pictured above) said that the company will continue to target new acquisitions, commenting: “We are regarded as the acquirer of choice for firms who are truly client-centric and we continue to seek more good opportunities. We have proactive approaches from high quality firms looking to find a secure succession route as the founders themselves near retirement.”
“The feedback from them is that our combination of retaining their local office and staff where appropriate, lifting some of the compliance burden from their shoulders, and having access to the resources and security of a larger organisation is highly attractive.”
Founded in 2008, Perspective provides specialised financial planning advice to its clients. The firm has seen rapid growth since being backed by a capital injection from CBPE Capital LLP in 2019. Since then, it has taken advantage of widespread consolidation in the advice sector, making 18 acquisitions in slightly over two years and adding £1.2 billion in AUM.
The company often targets acquisitions of companies in which senior figures are seeking to exit or retire, with the average age of independent financial advisers (IFAs) in the UK standing at 58 and one in five planning to retire within five years, according to 2019 research. Perspective's offering is also attractive to owners due to the increasing compliance burden that IFAs face. Being part of a wider group, with a dedicated compliance manager (as Perspective has) can help to significantly ease this burden.
The company’s AUM now stands at £4.2 billion, while its acquisitions have also enabled it to increase its number of offices from 14 to 21 and double its staff headcount to 280. The latest acquisitions bring 11 new staff members, as well as new offices in Rickmansworth and Hertford.
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This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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