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Verbatim partners with new IFA match-maker

Verbatim partners with new IFA match-maker

Verbatim Asset Management has partnered with Vines Row to offer merger and acquisition support to advice firms.

Vines Row was launched in November by ex-Bellpenny director Dawn Pearce-Herzberg to act as a match-maker between IFAs seeking to sell their business and those seeking to buy.

Verbatim, which is part of the SimplyBiz Group, will help firms build a client proposition linked to a central investment proposition and supported by efficient client management practices.

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Using this common infrastructure, it will then introduce those firms who want to sell up, to those who want to buy.

Dan Russell, managing director of Verbatim, said the shared framework would help secure better deals for sellers as well as reduce the risk of deals failing.

He said: “Since the death of trail commission, advisory firms have found it difficult to value their business or define an exit strategy.

“At Verbatim we offer a flexible supply chain of solutions, allowing firms to power a compliant and profitable investment business, so it makes sense for us to help those firms realise the value of running a good business model.”

Vines Row’s services includes a purpose built data room which will enable both vendor and acquirer to track the progress of the transaction online, in real-time, as well as facilitating a secure due diligence process.

A tendering system should also enable sellers to invite prospective acquirers to bid for their company.

Ms Pearce-Herzberg said that since launching at the end of last year, the firm has worked with more than a dozen advisory firms looking to buy or sell their businesses.

“We were always confident that there was a gap in the market for a well-differentiated, truly end-to-end advisory service in the IFA acquisitions market, but it is reassuring to have this validated so conclusively during our first few months.”

More than half of IFAs surveyed by consultancy Harrison Spence last year said they were looking to expand, with just under one in five being actively on the acquisition trail.