Perspective Financial Group has purchased East Sussex-based Informed Financial Advice, adding a further £100mn to its assets under management in its eleventh acquisition this year.
Its latest acquisition brings over 480 households as clients and gives the firm an office on the South Coast close to existing ones in Eastbourne, Canterbury and Maidstone.
The advice consolidator topped £4bn in assets near the beginning of this year. The 11 deals closed in 2022 have added six offices, 2,500 households as clients and £700mn assets under management to Perspective's footprint.
Darryl Tribbeck, founder of 18-year-old Informed Financial Advice, said “due to family obligations and health concerns” he decided the best solution for his clients and staff was to seek a merger with a larger partner.
He cited the need to gain access to “the next generation of financial planners” and coping with “the increasing regulatory burden” as key drivers for the deal.
He added: “As you can imagine, I have not come to this decision lightly. I spoke with a number of different firms wanting to understand their approach to dealing with clients, what plans they would have for our existing staff and the future of our St Leonards office, things that were very important to me.
“On meeting [Perspective] I soon felt comfortable with their approach, their values, their professionalism, and their commitment to look after clients with as much care and attention to detail as we have done.”
While Perspective - founded back in 2007 - has the scale of a national group, Tribbech said it will be able to retain the feel and personal approach of a local firm for his clients.
The advice firm consolidator’s other ten deals this year have included Essex-based Goldwyns Wealth Management, which added £70mn in assets, three firms in the North spanning offices in Newcastle upon Tyne, Darlington and Dinnington, and Cambridgeshire-based adviser Ramsey Financial which added £50mn in assets.
In March, Perspective bought four firms in one go, ranging in size from £10mn to £175mn in assets. At the time, these purchases took Perpective’s acquisition total over 50.
Chief executive of Perspective, Ian Wilkinson, said looking ahead to 2023, the business has its “biggest ever pipeline of acquisitions” - both large and small.
The aim in the new year will be to continue to grow “at pace”, he said.