Perspective Financial Group has purchased Avon Financial Advisers. The acquisition of the Chippenham-based firm will contribute £42m AUM and 240 clients.
The deal comes in the wake of a rapid acquisition drive from Perspective, which bought four firms in July alone.
Chief executive officer of Perspective, Ian Wilkinson, said:
“This acquisition is further evidence of our position of being the ‘acquirer of choice’ for retiring IFAs.
“Avon fits our profile well with many of their client relationships averaging 25 years’ duration and spanning multiple generations.
“For us, it’s essential the firms we acquire share our client-centric approach as this is absolutely fundamental to our success.”
Stephen Cook, Avon’s founder, will be retiring following the completion of the deal.
Mr Cook said:
“After 45 years in the financial services industry, I have decided now is the right time for me to retire. It has been a privilege to help many clients during my career since I came to work near Chippenham.
“I had not originally intended to retire yet, but the Covid-19 pandemic made me reflect on matters. It is increasingly challenging to run a small financial advice business due to the ever increasing regulatory and reporting burdens required by our regulator, the Financial Conduct Authority.”
“This move will provide long term security for the provision of financial advice to my clients. Additionally, I can retire with confidence, knowing that they are in excellent hands.”
Mr Cook also praised Perspective’s ability to “combine the feel of a local firm with the strength of a national one”.
“This means that some of my clients who over the years have moved away from Chippenham, will now be served by a number of Perspective’s offices in other areas of the UK… I know many of my clients have appreciated the easier access to advice that this will bring.”
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