Radiant Financial Group has entered the Scottish market after buying two IFA businesses for an undisclosed sum.
The deals add over £300m ($344m, €347m) to Radiant’s assets under advisement (AUA), which is now in excess of £1bn.
IFA consolidator Radiant has acquired Perth-based GS Financial Services, which has £157m in AuA, as well as 13 members of staff, including six advisers.
The group has also bought Aberdeen-based AMLP Financial Planning, which has £156m in AuA and six members of staff, including two advisers.
The latest deals take Radiant’s staff numbers to 110.
Radiant continues to look for acquisition opportunities in Scotland as well as the rest of the UK. The group 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 is also interested in talking to IFAs who are looking for a capital event as they focus on the next stage of their career or life in general.
Simon Cogman-Hellier, chief executive of Radiant Financial Group, said: “We’re extremely happy that GS Financial Services and AMLP have chosen to partner with us. We believe they are an excellent fit in helping us provide client-centric advice and exceptional delivery as we look to expand 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.
“Radiant is run by a team of highly experienced industry leaders, who are passionate about providing truly impartial advice across all areas of financial planning. We see our staff and our clients as absolutely critical to what we do, their interests guide our decision making.”