Tue, 11 Jul 2023 | MERGER
Edinburgh-based financial advice firms RMS Financial and Calton Wealth Management have joined forces in a strategic merger. The deal will see the new venture operate under the Calton Wealth Management brand, with RMS Financial’s Managing Director Richard Murray taking the role of Financial Planning Director.
The deal comes following Calton’s announcement earlier this year that it would seek to grow rapidly through strategic M&A, with the aim of doubling in size this year. The company is seeking to grow acquisitively, as well as organically. RMS Financial specialises in family break-up, pension advice and clients working or retiring abroad.
Due to the growth of its client base, Calton has identified adding personnel across its business as a key aim, with the acquisition of RMS Financial and the addition of Richard Murray to its senior team coming in the wake of two recent key appointments. Going forward, the company aims to add new advisers and at least three support staff.
Tom Ham, CEO and founder of Calton, commented: “Having an individual of Richard’s calibre join the firm is a real vote of confidence in what we’re building here at Calton. His collaborative approach to helping clients achieve their financial goals fits squarely with our ethos and his expertise will be an asset to the business as we go forward together.”
Richard Murray added: “We work in a field that builds its success on relationships, both internally with each other, and externally with clients and other professionals.”
“The team at Calton have made me very welcome and could not have helped more in making the transition as painless as possible. My clients and professional connections have welcomed the extra support and breadth of expertise that the team at Calton brings to my practice.”
The merger comes during a sustained period of dealmaking within the UK’s financial advice sector, a market that is beginning to shift as buyers increasingly target mergers with similar sized firms, rather than acquisitions of smaller practices.
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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