Wed, 11 Aug 2021 | BUSINESS SALE
Wealth management business Perspective Financial Group has announced its seventh acquisition of 2021 with the takeover of Avon Financial Advisers, as the boom in M&A activity in the UK's advice sector continues.
Perspective has sought to position itself as the “acquirer of choice” for retiring owners of independent financial advisers (IFAs) and the takeover of Wiltshire-based Avon duly follows the retirement of founder Stephen Cook.
Discussing his retirement, Mr Cook touched on several of the factors that are driving the current surge in financial advisory dealmaking. Mr Cook said that it had become “increasingly challenging” to run a small advisory firm during the pandemic and that increasing FCA regulatory and reporting burdens had also contributed to his decision to sell.
Cook added: "I came to the view that my clients are now best served by Avon becoming part of a larger firm. I know that Perspective shares my ethos, ethics and client-centric approach. This move will provide long term security for the provision of financial advice to my clients and enable me to retire with confidence, knowing that they are in excellent hands."
Perspective’s seventh takeover of the year adds £42 million in assets under management (AUM) and 240 clients to the group. The deal means that Perspective has so far added £642 million in AUM and around 1,780 clients this year. The acquisition is Perspective’s 44th since 2008.
Perspective CEO Ian Wilkinson said: “This acquisition is further evidence of our position of being the ‘acquirer of choice’ for retiring IFAs. For us, it’s essential the firms we acquire share our client-centric approach as this is absolutely fundamental to our success.”
"Our flexible deal structure for retiring IFAs means those wishing to sell can ensure the deal satisfies all their criteria – so it’s a positive move at the right time for their clients and their staff, as well as for them personally, professionally and financially.”
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A well established practice coming to the market for the first time with a view to finding a friendly and professional firm that prioritise staff and client wellbeing whilst also embracing new technology.
A well established practice, comes to the market due to retirement with a view to finding a friendly and professional firm to look after current client relationships.
This is a compliance based firm with ample opportunity to up-sell and expand services to grow the portfolio further. Most clients based across Shropshire and North Wales so an excellent opportunity to further expand in this region.
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