IFA consolidator Radiant Financial Group has entered the Scottish market with the purchase of two IFAs.
The group bought Perth-based IFA GS Financial Services and Aberdeen-based AMLP Financial Planning.
GS Financial Services adds £157mn in assets under advisement and 13 members of staff, wile AMLP Financial Planning adds £156mn and six staff.
The move added over £300mn to Radiant’s assets under advisement, which now surpases the £1bn mark.
The deals bring Radiant’s staff number to 110.
Group chief executive, Simon Cogman-Hellier said the acquisitions are an excellent fit as the group expands across Scotland.
“When IFAs are considering a new home for their business, we know it’s crucial that our values are in line with theirs. We also know it is vital that the staff in the business joining us are given the opportunity to thrive and grow within our group.
“Radiant is not a typical consolidator. We don’t acquire businesses simply for the assets they advise on. The scale of funds under management is not a key factor for us when looking to partner with a business – much more important is the cultural fit.
"For us the post deal integration, making sure our new colleagues really thrive, is as important as the deal itself,” Cogman-Hellier said.
Prior to leading Radiant, Cogman-Hellier was interim managing director of Bluefin Personal Consulting, formerly part of AXA.
He was also managing director of IFA Oval Financial Services between 1993 and 2007, before its sale to Gallagher.
Established in 2020, Radiant said it is particularly interested in working with business owners who have reached a stage in their development where they need more help with their back-office functions
Growing its presence in Scotland
Radiant has plans to further grow its presence in Scotland and continues to look for acquisition opportunities in Scotland and the rest of the UK.
The group said it is keen to speak with IFAs who would prefer to focus more on servicing their clients than having to deal with the “infrastructure” of the business.
The group also said it only looks for target acquisitions where they share the same values as the IFA they acquire and aims to retain all staff following the acquisition.
AMLP Financial Planning director, Angus Mackintosh said Radiant was the clear choice for the firm when it were looking to sell the business.
“Their focus on client service and great client outcomes, combined with understanding that our staff are the heart of the business, made the decision an easy one,” Mackintosh said.
GS Financial Services managing director, George Stubbs added: “When choosing the home for the future of our business, in particular for clients and staff, it was essential that the acquirer's values were aligned to ours.”
jane.matthews@ft.com
