Financial Management Bureau, a financial planning firm in Kendal, has acquired wealth manager Robert Meacock and Company, also based in the Cumbria town, for an undisclosed sum.
Meacock - who intends to exit the business in the next year - has been appointed client director at FMB to oversee the transition of his 50-client portfolio. The adviser built his business up over 40 years.
Ruth Power, director of business development at FMB, told FTAdviser it has a “good reputation locally” and often gets approached by advisers reaching retirement.
During the pandemic, FMB took out a Bounce Back Loan which has helped fuel its acquisition strategy. Power said FMB has “enough interest” from firms to fuel the next three or four years of business growth.
The consolidator is also in the process of buying another client bank, but Power could not reveal the name of the firm.
FMB’s clients span across the entirety of Cumbria. “We’re always looking to boost market share here and in North Lancashire,” said Power.
There are no immediate plans to replatform Meacock’s clients. Power said the firm will likely migrate clients over in phases. FMB currently uses five to six platform providers for its clients.
Meacock said he “could think of no better business” to work with than FMB, which was founded by Les Beavis in 1987.
Beavis’ daughters are Liz Beavis, managing director, and Power. They took on the business following Beavis’ death in 2008.
“I knew Les very well and I have been very impressed with the magnificent job Liz and Ruth have done of taking the business forward,” said Meacock.
“It’s very important to me to find a firm I can partner with which will ultimately provide a quality and trustworthy long-term service for my clients when I do eventually retire.
“The family ethos of FMB makes me confident they will take as personal and careful an interest in looking after my clients as I have always done. I am already enjoying working with FMB and getting to know their friendly and extremely capable team.”