Chase de Vere hunts for more acquisitions

Chase de Vere hunts for more acquisitions

Chase de Vere's chief executive has said he is on the look out for more acquisitions in 2018.

Stephen Kavanagh said the firm is not "resting on its laurels" as it moves into the new year.

He said: "We are ideally looking to make further acquisitions, although only if this is the right fit and the companies we acquire are focused on giving top quality independent financial advice and service to their clients.

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"We are also looking to recruit good quality advisers around the UK, but again we are not playing a numbers game, it needs to be the right people."

In September Chase de Vere bought Medical Money Management, a company that specialises in providing financial advice to the medical, dental and related professions, for an undisclosed sum.

Mr Kavanagh added that Chase de Vere is "continually reviewing" its proposition based on feedback from its clients and this is likely to result in changes to the type of service it provides and how this is delivered.

Forecasting what would happen to the wider industry in 2018, Mr Kavanagh said more independent financial advisers were likely to become restricted.

He said: "There seems to be no stopping some of the consolidators and product providers who are embracing a vertically integrated model and want control over their channels of distribution. We will continue to fly the flag for independence."

Mr Kavanagh added: "I am concerned that the financial advice industry will see some fallout from the amount of defined benefit transfer business which has been taking place.

"While we have adopted a sensible approach to DB transfers and indeed have transacted relatively few, often because we advise people to stay put, it is clear that huge volumes of transfers have taken place in the wider market.

"A double whammy could potentially occur if people transfer from DB to DC just as stock markets peak and don’t adopt a diversified and balanced asset allocation strategy.

"This is a potential concern with pension freedoms generally, where more people are keeping their pension fund invested in retirement without taking financial advice. If they are adopting the wrong investment strategy, withdrawing too much money or underestimating how long they are likely to live, it could all end very badly."