Kingswood bags another IFA as it guns for 10 new deals

“We aren’t looking for people who want to check out, we’re looking for people who want to re-focus on a particular part of the business and grow it,” Lawrence explained. 

In September 2021, Kingswood announced it was turning its consolidation efforts to the UK after posting a 646 per cent jump in revenue to £61.5mn in the first half of that year which it credited to acquisitions and growth in the US.

The company holds around £9.1bn in assets under advice and management, with offices abroad in Johannesburg, Atlanta, New York and San Diego, as well as across the UK.

The firm’s latest UK acquisition, before Vincent & Co, was in February when it purchased Rotherham-based Allotts Financial Services in a significantly bigger deal worth up to £2.5mn.

Exploring digital routes

As well as growing inorganically, the consolidator is also looking at a number of different technology avenues in order to make onboarding and servicing more efficient.

“We’re not going to launch a fully digitised service,” said Lawrence. “We want more efficiency for advisers, so we’re looking at how we can host different types of digitally-enabled services to cater to different clients. It’s incumbent on us to introduce different routes, but it’s not a one-size-fits-all approach.”

Last month, Kingswood announced the appointment of Richard Avery-Wright to the boards of its UK subsidiaries, KW Wealth Planning Limited and KW Investment Management Limited.

Avery-Wright previously founded RCP Holdings Limited which has gone on to co-found or invest in a number of fintech startups, including Wealthify - the Aviva-owned online investment service which started working with IFAs back in September 2020.

His "knowledge and expertise in fintech" were cited as "invaluable" attributes he would bring to Kingswood, which is intent on building a "presence" in the the fintech space.