Applewood Wealth Management is targeting £100m in additional assets over a 12-month acquisition spree.
Following the purchase of North Wales-based Ravencourt last year, managing director Karl Hartey says the acquisition of a Shrewsbury-based IFA with £20m in assets under management is "as good as done".
He expects the deal with the IFA to be completed in March. "The firm will leave its network and we will take over its clients," he says.
Hartey also reveals Applewood is looking to buy a Chester-based IFA with around £40m in assets and is eyeing up a Wrexham-based firm.
Applewood hopes the acquisitions will bring in a collective £100m of additional assets.
"If we can bring in that figure over a 12-month period we will hit our target," says Hartey.
The imminent acquisitions mean fee-based Applewood is firmly on track to meet its target of purchasing two IFA firms in the first six months of the year.
Its strategy involves acquiring smaller firms and bringing their support staff into Applewood's offices.
But in terms of advisers, Hartey prefers to bring in fresh blood.
"We are hiring young advisers who generally come from a highly-geared compliance world and are process-driven. As we are fee-based, it could potentially be challenging for commission-based advisers to adapt to our system."
He says the firm's fee-based approach allows for a smooth transition to the post-RDR world - a transition which he says is already completed.
"We did our conversion in 2006 - we took the view the RDR is bound to happen and there is no point in fighting it," he says. "Those who spend time resisting it are wasting their time."
"The new world post-RDR will be more honest, transparent and clients will be treated better."
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