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Nexus IFA snaps up Pensionline client bank

Pensionline, founded by Jon Minchin in 1990, was bought by the Somerset-based firm as part of its strategy to capitalise on advisers tempted to retire or close firms, post-RDR.

Phil Frapple, director of Nexus, said: “We saw there would be an opportunity to offer IFAs retiring or winding down their involvement in advising, a different solution than simply selling up or closing down.

“This would benefit their clients, ensuring the quality and high standards of financial advice were maintained and not leaving them as adviser orphans, while also benefiting the IFAs as we value their continued input as part of our firm.”

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The deal will raise assets under management at Nexus IFA, which is an appointed representative of The Whitechurch Network, to more than £220m.

This is the 20th acquisition made by the firm in the past two years. It currently has six full-time advisers, including two senior directors, and more than 10,000 clients based throughout the UK.

It is understood that Nexus is also talking to seven more firms with a view to buying their client banks.

Background

Nexus is not the only firm buying client banks from other advisers. Recently, national consolidator Bellpenny acquired its first Scottish firm, Glasgow-based KM Financial Advisers. The deal means Bellpenny has now hit double figures in terms of acquisitions.