Perspective Financial Group Ltd has purchased three firms, adding £250mn in assets under management.
The three acquisitions are Buckinghamshire-based Prosperity (GB), Northumberland-based AYP Financial Planning and an undisclosed firm in north east England.
John Burchett, director of Prosperity (GB), said: “Since 2004, Prosperity (GB) has experienced exceptional growth due to numerous recommendations from existing clients and professional connections for which we are immensely grateful.
“I have decided it’s time for me to retire soon, though I will continue to be involved with the firm for a short period to ensure a smooth handover.”
As part of the deal, Prosperity director Adam Jerreat will remain with the business and continue to look after his clients, old and new.
Jerreat said: “Joining Perspective will help to sustain and grow the business further.
“We wanted to be happy that we have a business that provides a continued high level of service for our clients, not just now, but long into the future.”
Meanwhile, Kim Alexandra, founder and Director of AYP Financial Planning, said: “I established AYP almost 20 years ago to offer a top quality independent financial planning service for women.
“Since then, we have evolved beyond specialising in advising women, and have experienced tremendous growth with clients confidently referring to family and friends as they know all will be treated with the utmost respect and professionalism by the whole team. “
She said this move will provide long term security to the provision of financial advice for its clients, career security and opportunity for its staff.
“I will continue to look after our clients old and new and am very pleased that the whole team is transferring across to Perspective,” she added.
In total, the group has made 71 acquisitions since it was founded 16 years ago, and now has 33 offices across the UK, 120 financial planners and a total of 450 staff.
These latest additions take the total for 2023 to 15.
Perspective has also exchanged contracts on a further seven deals which will all complete in the coming months.
Ian Wilkinson, chief executive officer of Perspective, said: “We are delighted that these three firms have chosen to become part of us. These acquisitions add a further 1,000 households as clients, £250mn in AUM and two new local offices, including one in Hexham where I grew up."
Wilkinson said the firm is meeting both large and small firms and plans to continue to grow at scale and pace.
“Interestingly, we have re-engaged with half a dozen firms over the past two months that have recently terminated discussions with other acquirers, as other acquirers have been unable to complete their proposed acquisition for various reasons,” he said.
“We recommend, indeed insist where possible, that all our vendors take references from previous sellers to us from all our previous acquisitions. This evidences that we deliver on our promises.
“We are often surprised that references are not taken more regularly from those looking to sell their business, given it is likely to be the single largest financial decision they will make in their lives.”
sonia.rach@ft.com
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