IFA and wealth manager Gemini Wealth Management has acquired the pension and investment business from a fellow advisory firm after it shut up shop due to the "increasing costs" put on small firms.
Gemini will take on Lichfield-based Simple Finance Solutions' 450 pension and investment clients after director William Cooper decided to "change his focus" due to "the ever increasing costs and pressures of being a sole practitioner". The deal - the firm's seventh since its inception in 2006 - will see Gemini's client base grow to 2,000 clients and its total client funds under management jump from £200m to £230m. The Association of Professional Financial Advisers (APFA) last week warned more small firms could disappear as they struggle to adapt their business models post-Retail Distr...
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