Buckles, Wales' largest IFA, has purchased Wigan-based Mortgages Pensions & Investments, as its expansion strategy built on acquiring the businesses of retiring IFAs gathers momentum.
The principal of Mortgages Pensions & Investments, a sole trader with 300 high net worth clients and £18m of funds under influence, is retiring and the firm will be incorporated into Buckles. The deal brings to 25,000 the number of active clients on Buckles' accounts.
Buckles' purchase marks the 15th acquisition for the Rhyl-based firm and the second since South African financial services group Sanlam acquired a 60% stake in the business in 2008. The company completed a deal with ML Financial Services last August.
"This acquisition marks the continuation of our strategy of buying the businesses of retiring IFAs," says Buckles' executive chairman Nigel Speirs. "We will look at compatible firms whose principals are seeking retirement or are thinking of leaving the industry."
"Our graduate training programme is continuing to produce a stream of highly-qualified advisers, who will look after the newly acquired client base of some 300 private individuals."
Buckles is the largest IFA firm in Wales, but it is now establishing a presence throughout the UK.
"Our intention was always to expand beyond our North Wales base - you can only do so much before an area becomes saturated," says Speirs.
He reveals Buckles is also eyeing up an IFA in the south and expects to make an announcement within the next six weeks.
"Its part of our ongoing strategy - to provide a home for the clients of IFAs looking to retire before the onset of the RDR," he says.
As Buckles pursues its acquisition plans, parent company Sanlam is looking to form partnerships with up to 40 IFA firms by 2012 to help transform their business models for the RDR. Sanlam has a 42.5% stake in Nucleus.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till