AFH buys advice arm of national law firm

Consolidator AFH, has purchased the financial advice arm of a national law firm as part of a £530,000 deal.
Freeths had decided to sell its Nottingham-based financial advice business, named Meritor, due to concerns surrounding the growing demand the business required, alongside the increasing demand of regulation and its desire to focus on its core principles of legal practice.
Alan Hudson, chief executive of AFH, said his company will continue to work alongside Freeths in the future to provide their clients with access to AFH’s advice and asset management services. Mr. Hudson revealed his firms strategy of similar acquisitions on the horizon, stating;
“I know there are a number of similar financial services businesses linked to legal and audit practices and seen as non-core to those organisations.”
“We believe that the mutual benefits of our arrangement with Freeths will demonstrate the commercial advantages of working with AFH to similar organisations and their clients in the future.”
As part of this deal, financial advisor Karen Pincher will join AFHls team of advisers, whilst continuing to work with Freeths to look after her 275 clients and respective investments totalling £59.6m
She said: “I first decided to become a financial adviser because I saw how big a difference a really sound approach could make to clients’ outcomes. That’s why I’m so pleased to have the opportunity to join AFH and to give my clients the benefits of its expertise.”
As part of the deal, £330,000 will be paid in cash from AFH’s existing cash reserves, and the rest will be paid of the next 14 months, dependent upon measures of Meritor’s performance.
Worcestershire-based AFH currently holds approximately £3.1bn in FUM.