Private insurance firm Towergate is continuing its bid to consolidate the regional IFA market in Scotland after buying Glasgow-based financial services firm MacDonald Reid Scott Group.
The purchase of the company, which comprises of two firms – MacDonald Reid Scott Insurance Brokers (MRSIB) and MRS Financial (MRSFS) – is the third IFA acquisition, and the fourth overall, made by Towergate since the start of the year. A year ago the firm described the financial services distribution model as “essentially bust”, and announced plans to “create a consolidation of regional IFAs” using a £250m war chest. MRSFS is an employee benefits and wealth management adviser with significant growth potential, according to Towergate. Under the leadership of managing director Douglas McInt...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
