Up-front cash demand slowing IFA consolidation

Managing director Sheriar Bradbury says potential buyers are being put off by demands for up-front cash; a method of payment common in recent years. He adds many advisers are “living off the fat” of last year forcing cautious buyers to re-evaluate firms’ embedded value. “There is a bit of an adjustment going on,” he says. “Last year there were quite a lot of deals being thrown around involving up-front cash but, in this market, we are a little more concerned about doing that.” Bradbury says his firm, which has acquired more than 35 IFA client banks since 1993, offers either an up-fron...