The consolidation of the UK IFA market shows no sign of abating after Manchester-based adviser Bright Financial bought its 23rd firm in less than five years.
The company has expanded its business after acquiring Harrogate-based IFA Glencarin Financial Management.
The acquisition is Bright's 23rd since 2004 and director Ian Craddock says it anticipates completing at least a further six deals before the end of the year.
Craddock says the market is well positioned for consolidation and says Bright is able to provide IFAs who are looking to sell their business with a "reliable well-funded exit strategy".
"To ensure ongoing regulatory demands do not hamper our scalability, we outsource key compliance functions to support provider threesixty," he says.
"This enables us to grow our client base, ensure clients are serviced appropriately and manage risk at the same time.
"Market forces, IFA demographics and regulatory change such as the Retail Distribution Review can only lead to increased interest in our proposition."
Gerry Kay, owner of Glencairn, adds: "I have really enjoyed building the business, but the whole question of an exit strategy presented a number of challenges.
"The key challenges for me were to ensure that my clients received the continuity of personal service and quality ongoing advice from a professional firm."
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