Wealth management group Attivo has acquired its seventh IFA business this year, Surrey-based C R Toogood Financial Planning, for an undisclosed sum.
While it is not their policy to discuss cost of acquisition or funds under management of acquired firms, it did announce that Toogood has over 2,000 clients, 180 of which are active.
Stephen Harper, chief executive of Attivo, said: “Toogoods have been advising these clients and their families for years and the usual acquirers who view clients as a commodity were not attractive to this highly ethical IFA.”
He added that there is a lot of noise in the industry at the moment about consolidation and acquisition.
“My advice to any IFA thinking about selling their business is to look very carefully at the different propositions in the market, I would only consider a truly independent and a Chartered firm, as restricted models are not right for all clients.”
The deal follows last month’s acquisition of Davies, Edmunds and Co, an advisory firm based in South Wales, with 20 active clients.
In May, Attivo bought Hertfordshire-based mortgage broker Porter De Vere Financial Services, following the April appointment of the first three of 50 new hires it plans to make this year as part of “ambitious” growth plans.