Reading-headquartered advisory business The Beaufort Group plans to add a further five firms to extend the geographical spread of its advisers across the country in 2014, in a buying spree that it says will boost assets under management to £400m..
Speaking to FTAdviser, Andrew Bennett, managing director the firm, said it is planning to add a further £150m of assets under management, equating to an increase of more than 50 per cent on its current £250m in assets.
The group, which brings in adviser firms as ‘partners’ with most taking on the Beaufort branding and independent model, launched in 2012 as a consolidation vehicle for IFAs leaving the market ahead of the Retail Distribution Review.
In 2013 the business acquired three new adviser firms and boosted its assets under management by around a third from £153m. It now employs 80 individuals including 28 RIs in ten advisory firms.
Beaufort manages most client funds in-house and will next year offer discretionary investment management services on an outsourced basis to other firms. Mr Bennett said it plans to work with up to three platforms to run clients’ funds.
Mr Bennett said: “We are acutely aware how many IFA firms, notably the smaller players, have a major need for proper investment management advice. In 2014, we will build and roll out a strategy for smaller IFAs to outsource to Beaufort Investment Management’s DFM service.
“We will also devote time to delivering services to our existing group member firms in order to support in migrating assets under influence when appropriate and providing additional services to their valued clients. “
In addition the group said it aims to take advantage of and strengthen its corporate consulting offering, which focuses on auto-enrolment. It will also continue its drive to achieve ‘chartered’ status by early 2014.
Mr Bennett added: “During 2013 the group, moved into profit and during the year the group added three new advisory firms, increasing the geographical spread across the country. The majority of the firms in the group adopted the Beaufort name for their practices and the staffing levels grew significantly.”
