Mergers and acquisitions  

Consolidator entrant buys £280m Liverpool adviser

Consolidator entrant buys £280m Liverpool adviser

Digital wealth manager and aspiring adviser consolidator Verso Wealth Management has purchased a Liverpool-based financial planning firm.

The firm bought Pavis Financial Management, which was established in 1992 and is a chartered financial planning firm serving private clients across the UK. As at Q3 2021 it advised on £280m of assets.

Verso is a digital wealth management group providing financial advice and investment management.

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It is actively pursuing an IFA consolidation plan and said it is in advanced negotiations with a pipeline of IFA firms. 

The wealth manager has its own technology platform which allows it to provide automated advice, product selection and client servicing.

Last year, it entered into a strategic partnership with Cairngorm Capital and Verso said this latest purchase was part of its ambition to build a national digital wealth management group.

Pavis offers a range of advisory and investment services, including holistic financial planning, investment management, pensions advice, retirement planning and estate planning

The firm is accredited by the Chartered Institute for Securities & Investment and has chartered status from the Chartered Insurance Institute.

Quentin McCormick, managing director of Pavis, said: “We are delighted to be partnering with Verso as its model overcomes many of the challenges and inefficiencies in our market.

"We will be able to relinquish our day-to-day regulatory and operational hurdles and focus on what we do best – providing our clients with the very best advice available. 

Verso said the addition of Pavis created a hub in the north west as it builds on its national footprint. 

As part of the deal, McCormick will continue to lead Pavis and chairperson and co-founder Bob Newton will remain in the business on a part-time basis. 

The two will be working with Verso’s executive team to expand its presence in the north west. Directors Julie Calvert, Steve Robertshaw and Carly Dunningham will all continue as directors at the firm.  

Graham Coxell, formerly of Rowan Dartington Wealth Management, will join Verso as non-executive chairman advising on its growth strategy. 

Andrew Fay, Verso’s chief executive said, “I am delighted to welcome the team at Pavis to the group. It is an exciting period for Verso as we work to implement our plans. 

“We have a pipeline of planned investments within the investment management and financial planning space scheduled for this year and an ambitious service delivery timetable so 2022 is on track to be transformational for us. I look forward to working with Graham to deliver on our strategy.” 

sonia.rach@ft.com

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