Close Asset Management is looking to acquire the client banks of about 40 IFA businesses over the next few years as part of an ambitious growth strategy.
Steven Mendel, head of wealth management, says the strategy is built upon the imminent exit of IFA firms in the run-up to the RDR.
"Our game plan is all about buying client books rather than IFA firms," he says. "This will see us partnering IFA firms for a period of time until they are ready to exit and then taking over responsibility for their books.
"By taking over responsibility for these orphan clients, we will allow those IFAs who are going to exit to do so peacefully," he adds.
At the end of last year, TISA director, portfolio and retirement planning Malcolm Small told IFAonline 40% of advisers could leave the industry due to the RDR.
Although Mendel thinks this prediction and others like it are exaggerated, he expects a significant exodus of IFAs and aims to take full advantage of the situation.
"We are looking to do between 30-40 deals over the next two to three years and have got a few deals we are working on right now," he reveals.
The unveiling of the firm's growth strategy comes hot-on-the-heels of the appointment of former Cazenove man Jonathan Gamble as director of business development.
Close, whose asset management business has been running for 40 years, has £7.2bn of assets under management.
Oversees £30bn of advised and D2C assets
£1bn business since inception
Considered doing so in 2015
Client communication considerations
Aviva: ‘We are sorry’