Hertfordshire and London-based adviser firm Lumin Wealth has said it hopes to buy at least two more firms this year, following on from its most recent acquisition.
Lumin Wealth managing director John Cusins told Professional Adviser he would like the firm to acquire another two firms in 2020.
"We completed Everett MacLeod pretty much the first day of January, but we exchanged contracts before Christmas so in our minds we acquired two firms last year," he said. "And I think we would like to see us acquiring a minimum of two firms this year."
On Monday (6 January) Lumin acquired London-based independent planning firm Everett MacLeod marking the consolidator's second acquisition. Lumin said it will continue to pursue further acquisitions in 2020 with businesses that align with its principles and values.
Cusins said he believes the time is right for acquisitions to be taking place as the "regulatory burdens" advisers are facing do not seem to be diminishing.
"There can be a disproportionate amount of time spent on compliance relative to new business or ongoing activities," he said. "I think that dynamic is not going to reduce."
'Different to others'
Last April, Lumin acquired Bedfordshire-based Hyperion Financial Planning. At the time, Lumin Wealth managing director Martin Cotter said the move would provide a template for further acquisitions.
In addition, Cotter told PA Lumin is always in conversation with potential companies to acquire. He said the firm's offering is "different to others" as Lumin enables advisers from smaller firms to still be able to give good financial advice without worrying about regulatory returns and compliance.
The sale of Quilter's life assurance business to ReAssure has been confirmed.
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