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IFA consolidator snaps up three more firms

IFA consolidator snaps up three more firms
Photo: Magda Ehlers via Pexels

National consolidator Radiant Financial Group has bought three more firms, taking its assets under advisement to £1.3bn.

The transactions add another £325mn to Radiant’s AUA, and follow swiftly on from the acquisition of two Scottish advice firms earlier this month (September).

The three latest purchases are: Barnstaple-based Irvine Financial Services, Oldham-based Landmark Financial Planning and Henley-on-Arden-based Andrew Gibbs IFA. 

Irvine Financial Services has £136mn in AUA, as well as 8 members of staff, including three advisers.

Glen Irvine, founder of Irvine Financial Services, said: “After speaking to a number of potential buyers we made the decision to select Radiant because they excelled in providing a package that was both client and staff centric.

“The senior management have been excellent both pre and post-sale and extremely professional and caring. We feel welcomed by the entire group and I'm happy we made the best possible decision for Irvine Financial Services.”

Meanwhile, Landmark Financial Planning has £98mn in AUA and six staff members, including three advisers.

Eric Mowinski, director of Landmark Financial Planning, said: “We chose Radiant because we wanted to ensure continuity for our clients and staff.

“Our advisers wanted to stay independent without having to force clients into predetermined investment propositions. The process of agreeing a deal and implementation was handled very professionally.”

Similarly, Andrew Gibbs, founder of Andrew Gibbs IFA, which adds £91mn AUA, commented: “Radiant gave me the confidence that it will provide all of my team with the opportunity to continue to develop their careers.”

According to relative newcomer Radiant, which was founded in 2020, the latest deals take Radiant’s staff numbers to 130.

Its chief executive Simon Cogman-Hellier said the three new firms were "an excellent cultural fit in helping us provide client-centric advice and exceptional delivery".

“We’re also really excited to start working with their team of advisers and support staff," he said.

"One of our key measures of success in an M&A deal is whether we retain all the staff following the acquisition and whether we’re helping the new team to really thrive."

"We aren’t interested in acquiring businesses simply for the assets they advise on."

As reported by FTAdviser, the company previously announced the acquisition of Perth-based IFA, GS Financial Services and Aberdeen-based AMLP Financial Planning, which between them have £313mn in AUA.

According to Cogman-Hellier, the company only wants to merge with firms of advisers that share the same culture and values regarding financial advice.

He added: "We are very mindful of ensuring we do not become a commoditised business where a client simply becomes a number within a large organisation.

"Radiant will always be client-centric and have truly impartial advice at its core."

Radiant is still looking to partner with advisers who want to service clients rather than deal with the daily management of a business, or advisers looking for a "capital event" as they consider what they want to do in future - whether to retire or move out of regulated financial services, for example.