Perspective Financial Group has brought its assets under management up to £4bn with the acquisition of Beanland Financial Services.
The purchase of the Alcester-based firm brings £160m AUM to Perspective and expands its presence in Warwickshire. Meanwhile, the Beanland office will become Perspective’s nineteenth office.
While Beanland will be rebranded as Perspective, the office will be kept – marking the opening of Perspective’s nineteenth office in the UK – and principals Colin Pritchard and John Garvey will stay on as financial planners before they retire.
Mr Pritchard and Mr Garvey commented: “Over the past few years our attention has naturally been drawn towards succession planning, the future of our business and the continuation of our advice and ongoing services. In addition, as with all firms like ours, we have seen a gradual increase in the burden and costs of regulation.
“We decided the best solution for our clients and our staff was to seek a merger with a larger partner and, after an exhaustive search, we are delighted to become part of Perspective. They clearly share our ethos, ethics and client focused approach.”
The deal is Perspective’s first of 2022, continuing the tradition of strategic acquisitions that it saw last year. In 2021, Perspective made eight acquisitions, including four acquisitions in July alone.
The Perspective website states that the group is “actively seeking to acquire more well-run and profitable financial advisory businesses”.
Chief executive of Perspective, Ian Wilkinson, said: “This acquisition is yet further evidence of our position of being the ‘acquirer of choice’ for many high quality IFAs across the UK to add new locations to our growing network. Beanland fits our profile well with many of their client relationships averaging 25 years’ duration and spanning multiple generations.”
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