Bridwater-based Nexus IFA have acquired Hertfordshire-based business Clive M Goodchild & Partners, in the form of their ‘advocacy-based approach’ to growth.
Nexus IFA have ‘advocate’ advisers join them, novating clients over, and then receiving an annuitized payment structure, typically over 10 years. The outgoing principal deauthorises, however maintains a certain level of client relationship management in behalf of Nexus.
Clive M Goodchild is a sole trader advice firm run by director Richard Smith and adds 150 clients and £14 million in assets to Nexus.
Smith was encouraged by the long-term outlook of the deal, and the opportunity to stay in contact with his clients – relationships he’d built up over through the years, and had been in touch with Nexus for a while.
‘We were speaking with Richard Smith for around two years and he saw a letter in the press about how there are two ways to purchase an IFA firm: annuitisation or upfront cash,’ said Ian McIver, development director of Nexus. ‘He picked up that we do the former.’
Gunner & Co. work with Nexus IFA to give retiring advisers a longer-term option compared to a traditional acquisition. If you would like to understand more about Nexus’s ‘Adovcacy Proposition’ contact gwill.evans@gunnerandco.com
