Sanlam Private Wealth is on the verge of acquiring three IFA businesses as its growth strategy of purchasing the client books of retiring advisers gathers pace.
The three firms, based in the South of England, will add a total of £60m in assets under influence and bring to 24 the number of companies the Rhyl-based firm has acquired.
The acquisitions, funded by parent company Sanlam UK, are expected to be completed this month.
"These firms are typically owned by people who have been in the industry for 20 or 30 years and have decided to leave in advance of the retail distribution review (RDR),"said chief executive Nigel Speirs (pictured). "There is quite a rush of people deciding to exit."
Following completion of the three deals, Sanlam Private Wealth will have brought in £120m of AUI so far this year. It means the firm is well on track to hit its 2012 target of adding £300m in AUI via acquisitions.
Speirs said the firm's graduate programme is producing a home-grown crop of trained advisers ready to serve an increased client base.
"We are in a fortunate position at the moment where our graduates are trained and ready to go so we have the capacity to take on more client banks," he said. "We believe totally in our graduate programme and it will continue to be our means of employment."
He added 12 graduates have recently completed the training course. The fresh blood will take to 72 the number of advisers working at the firm. The next graduate recruitment programme will likely launch in six months time.
Meanwhile, Speirs said Sanlam's hybrid model - consisting of a restricted solution and a whole of market option - has allowed the firm's advisers to serve a greater number of clients.
He said the restricted option - or default Sanalm solution - requires far less paper work, leading to greater efficiencies.
"The hybrid system is a more efficient system and allows our advisers to look after 30% more clients than they would have been able to do so under the requirements of the old independence."
An ambitious objective
'Something completely new'
'Illusion of control'
Reasons to be cheerful
Total investment reaches £9m