UK-based advice firm consolidator Radiant Financial Group has bought three IFA businesses.
The deals bring in £325m of assets under advice (AuA), which now totals £1.3bn ($1.47bn, €1.49bn).
The acquired companies are:
- Barnstaple-based Irvine Financial Services, with eight members of staff including three advisers;
- Oldham-based Landmark Financial Planning, with six staff including three advisers; and
- Henley-in-Arden-based Andrew Gibbs IFA.
No financial terms were disclosed, but the deals take headcount at the consolidator to 130.
Simon Cogman-Hellier, chief executive of Radiant, said: “We’ve created a great foundation at Radiant – we want to buy other businesses to join the Radiant family to enable us, through scale, to provide more advice to more people. Ultimately, consumers will get a better outcome because we are more resourced than a small firm: we’ve got more capabilities and more technology.
“However, 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.
“We want to partner with IFAs who 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.”
Earlier in September 2022, Radiant entered the Scottish advice market via the acquisitions of GS Financial Services and AMLP Financial Planning.