Radiant Financial Group has acquired Doncaster IFA firm Ethos Financial Solutions for an undisclosed sum.
Ethos has £300m in assets under advice, as well as 18 members of staff, including five advisers. The deal takes Radiant’s staff numbers to 150 and AuA to £1.6bn ($2bn, €1.8bn).
It is Radiant’s first transaction in Yorkshire. Radiant plans to “expand significantly” in the region using Ethos as a hub.
The deal is the firm’s seventh acquisition since its inception in 2020 – its last purchase was in November 2022, where it bought Midlands-based advice firm TWM Ltd for an undisclosed sum.
Radiant said it will continue to look for acquisition opportunities across the UK. The group is keen to speak with IFAs that would prefer to focus more on servicing their clients than having to deal with the “infrastructure” of the business. Radiant 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.
‘Not a typical consolidator’
Simon Cogman-Hellier, Radiant chief executive, said: “We’re extremely happy that the Ethos team has chosen to partner with us. They are an extremely well-run business, with a strong team of extremely well qualified staff.
“We are really impressed with the business and believe they are an excellent fit in helping us provide client-centric advice and exceptional delivery as we look to expand across the north of England.”
“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.”
The firm is also keen for organic growth as in December 2022 it launched its DFM offering Radiant Asset Management.