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Chartered financial planner snapped up in £3m deal

Chartered financial planner snapped up in £3m deal

HFMC Wealth has completed its purchase of Generic Financial Management in a deal worth up to £3m.

Generic Financial Management brings 270 client families and £950,000 of annual recurring revenue assets under advice and management of £150m to its new parent company.

The acquisition will see Generic Financial Management directors David Verney and Marc Ruse become private client directors at HFMC Wealth.

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Paul Thomas, managing director of Generic Financial Management, will take up the role of head of business development, while continuing to provide executive coaching as part of HFMC Wealth's Adviser Development Programme.

Mr Thomas: "We have felt for some time that we needed a partner to provide us with greater critical mass if we are to cope with the ever-increasing regulatory burden, while broadening the range of services we are able to provide to our clients.

"We need to give clients confidence and reassurance that we will continue to provide high-quality ongoing advice for as long as they need it. Consequently, it was crucial we found a partner capable of recruiting and training the next generation of planners, who can then maintain these client relationships."

Jeremy Hoyland, chief executive of HFMC Wealth, said: “"Our growth strategy includes making carefully selected acquisitions.

"We have worked hard during 2018 to identify planning firms which meet our criteria and the completion of this acquisition is the culmination of that hard work."